20Th Annual Report of OHPC.Pmd

20TH ANNUAL REPORT 2014-15

ODISHA HYDRO POWER CORPORATION LIMITED (A Gold Rated State PSU)

JANPATH, BHOINAGAR, BHUBANESWAR - 751 022 Tel.: 0674-2542922, Fax : 0674-2542102, Gram : HYDROPOWER Web site : www.ohpcltd.com, E-mail : [email protected] / [email protected] CIN : U40101OR1995SGC003963

1 20th ANNUAL REPORT 2014-15

CONTENTS

Sl. No. Description Page No.

1. Board of Directors. 03

2. Directors Report. 05

3. Report of Secretarial Auditors. 42

4. Independent Auditor's Report on Standalone Financial Statements. 46

5. Comments of the C&AG of India on Standalone Financial Statements. 90

6. Standalone Financial Statements. 93

7. Annual Report of a wholly owned subsidiary- GEDCOL. 123

8. Independent Auditor's Report on Consolidated Financial Statements. 159

9. Comments of the C&AG of India on Consolidated Financial Statements. 166

10. Consolidated Financial Statements. 167

2 BOARD OF DIRECTORS Sh Rajesh Verma, IAS Chairman-Cum-Managing Director (From 07.12.2015 onwards)

Sh S C Mahapatra, IAS Chairman-Cum-Managing Director (upto 07.12.2015)

Sh Hemant Sharma, IAS Sh Vijay Arora, IAS Director Director Sh Rajesh Sharma Sh S C Bhadra Director (HRD) Director Sh S K Sahu Sh S K Jena Director (Finance) Director Sh D K Jena Sh R C Tripathy Director Director Mrs. Saveeta Mohanty Sh A K Mishra Director CGM (El) & Director (Operation ) I/C

Company Secretary Sh P K Mohanty

BANKERS STATUTORY AUDITORS State Bank of India M/s. GRC & Associates Indian Overseas Bank Chartered Accountants Union Bank of India Punjab National Bank Axis Bank BRANCH AUDITORS IDBI Bank M/s. SPP Associates Chartered Accountants M/s. K Panigrahi & Associates Chartered Accountants M/s. Agrawal Jain and Bardia & Co. COST AUDITORS Chartered Accountants M/s. Niran & Co. M/s. Tripathy & Co. Cost Accountants Chartered Accountants M/s. G Ram & Co. SECRETARIAL AUDITOR Chartered Accountants M/s. Saroj Panda & Co. M/s. Bhawani Sankar Mohapatra & Co. Company Secretaries Chartered Accountants

3 VISION To be a leading power utility in the energy sector through diversified energy portfolio with due care & concern to the environment.

MISSION

To develop water resources in the State and elsewhere in the Country while augmenting Hydro Power generating capacity by setting up new hydro power projects.

To adopt state of the art technology for up gradation of the existing hydro power stations to achieve the highest level of efficiency.

To establish and operate thermal power plants through joint ventures and also explore the opportunities to develop renewable energy resources viz- small hydro, wind, solar.

To develop and operate cola mines allocated jointly in favour of OHPC and other public section undertakings by the Ministry of Cola, Govt of India.

To improve productivity through effective planning and implementation of ERP system with development of robust and concurrent IT infrastructure.

To professionalize the work force in line with the modern management / technical knowhow.

4 ODISHA HYDRO POWER CORPORATION LTD DIRECTORS' REPORT

Dear Members,

On behalf of the Board of Directors, I take pleasure in presenting the Board's Report on the performance of your Company along with audited Financial Statement, Auditor's Report, Report of the Secretarial Auditor and Report of the Comptroller and Auditor General of India for the financial year ended 31st March, 2015.

1. FINANCIAL HIGHLIGHTS The Financial results for the year ended 31st March, 2015 are summarized below.

Rs. in Crores Sl No. PARTICULARS 2014-15 2013-14 a) Revenue from Operations 493.24 451.73 b) Other Income 131.60 196.01 c) Total Revenue ( a + b ) 624.84 647.74 d) Operational & other expenses 224.96 218.00 (including prior year adjustments & exceptional items) e) Profit before Depreciation & Amortization, Finance cost 399.88 429.74 & Tax (c-d) f) Depreciation & amortization 294.73 126.11 g) Profit after Depreciation & amortization & 105.15 303.63 before finance cost & Tax (e-f) h) Finance Cost 58.47 292.50 i) Profit after Depreciation & amortization & finance cost but 46.68 11.13 before tax (g-h) j) Tax 31.09 2.33 k) Profit after tax ( i - j ) 15.59 8.80 l) Surplus of Statement of Profit & loss 568.14 562.51 m) Balance available for appropriations 583.73 571.31 n) Less- Appropriations : o) Proposed Dividend 4.68 2.64 p) Tax on Proposed Dividend 0.94 0.53 q) Balance carried forward {m - (o + p )} 578.11 568.14 (forming part of Note 3- Reserve & Surplus)

5 2. REVENUE AND PROFIT Gross Revenue (including income from other sources) during the year under review is Rs.624.84 crores as against Rs. 647.74 Cr. in the previous year 2013-14. The Company earned profit before tax of Rs. 46.68 crores for the Financial Year 2014-15 as against Rs. 11.13 crores in the previous year 2013-14.The profit after tax for the year 2014-15 is Rs. 15.59 crores as against Rs.8.80 crores in the previous year 2013-14. Consolidated accounts with the subsidiary & joint venture companies showed an increase in profit of consolidated group by Rs.0.10 crore as compared to standalone results of OHPC limited on account of profit of intra-group transactions. 3. GENERATION Gross Energy Generation of your company during the year was 6238.457 MUs achieved as against MOU target of 5333.33 MUs for excellent rating and 6967.978 MUs during the previous year. The Plant Availability Factor (PAF) during the year was 83.49% as against the MoU target of 81.00% and 84.56% during the previous year. 4. MACHKUND JOINT PROJECT Machkund is a joint Project of the Govt of Odisha (Now OHPC) and Govt of Andhra Pradesh (Now APGENCO). The management of Odisha share in the Project was transferred to OHPC on 01.04.1997. The 30% share in the O&M costs and the cost of power drawn beyond the 30% share are collected from GRIDCO and paid by OHPC to APGENCO separately. Therefore the Annual Accounts of OHPC do not reflect the financial results of this joint Project except receivable from GRIDCO and payable to APGENCO A/c. 5. DIVIDEND Considering the progress made by your company, Directors in pursuant to the Finance Department Office Memorandum dtd 12.12.2011 have recommended a dividend @30% of the post-tax profit to the State Govt. The total dividend payout will be Rs. 4,67,83,252/- for the FY 2014-15 and dividend tax will be Rs.93,53,867/-. 6. COMMERCIAL PERFORMANCE The tariff of OHPC power stations is fixed by OERC based on CERC (Terms and conditions of Tariff) Regulations, 2014 along with the corrective measures of the State Govt. Broadly, the parameters of the tariff structure of OHPC are as under : (i) The effect of up-valuation of old hydro power stations (Rs. 766.20 crores) on the tariff has been kept in abeyance. (ii) Interest on debt servicing of the State Govt loan for UIHEP has beenacknowledged by OERC but kept in abeyance to avoid tariff shock to consumersof State of Odisha. (iii) Return on Equity (RoE) is not allowed in respect of the assets of old power stations transferred to OHPC on 01.04.1996. (iv) Depreciation is calculated at pre-1992 norms of GoI. However, it covers principal repayments due for payment during the year.

6 OHPC provides the cheapest power and meets the substantial peak load requirement of the State Grid. There has been very nominal increase in the tariff of Hydro Power Stations of OHPC fixed by OERC during last 15 (fifteen) years. Such a regulated tariff regime has put severe restrictions on OHPC to improve on its financial position, which can show considerable improvement once its tariff is relaxed and liberised from the above said restrictions. 7. CAPITAL STRUCTURE AND NET WORTH Your Company's paid-up capital and net worth as on 31.03.2015 was Rs.339.80 Crores and 1017.91 Crore respectively. 8. PROJECTS ON IT’S OWN AND THROUGH SUBSIDIARIES AND JOINT VENTURES Your company has taken initiatives to develop Thermal, Hydro, Renewable Power projects on its own and through joint ventures and Subsidiary. DPR is under preparation for construction of Pumped Storage Scheme at Upper Indravati, Mukhiguda. The information on Subsidiary and JV companies along with details of partners of joint ventures along with present status is given below : JV Partner(s) / Name of the Company Details with present status Subsidiary OTPC OTPC has been incorporated with Joint Venture Odisha Mining (Odisha Thermal Power of OHPC & OMC with 50:50 shareholdings for Corporation Ltd) Corporation Ltd (OMC). setting up a coal based supercritical thermal power plant of 3x 800 MW capacities at Kamakhyanagar in the District of Dhenkanal. The Land acquisition process is under progress. BWCCL Kerala State Electricity The Ministry of Coal, GoI vide letter dtd (Baitarni West Coal Company Board (KSEB), Gujarat 25.07.2007 allotted the Baitarni West Coal Block Ltd) Power Corporation Ltd (602MT) through Govt dispensation route to (GPCL) three State PSUs namely, KSEB, GPCL & OHPC each having one third share. A JV Company namely Baitarni West Coal Company Ltd has been incorporated by the three allocates in April, 2008. The Ministry of Coal had de- allocated the coal block on 10.12.2012 in favour of the three allottees. The Hon'ble High Court of Orissa had passed an order not to allocate the coal block to any third party without leave of the Hon'ble Court. Supreme Court of India cancelled (24 September 2014) all 204 coal blocks allotted since 1993 including Baitarni West Coal Block. The company is contemplating to apply for new Coal blocks under Government dispensation route.

7 GEDCOL Wholly Owned GEDCOL has been declared as nodal agency (Green Energy Development Subsidiary of OHPC for development of on-grid solar energy projects Corporation of Odisha Ltd) in the State of Odisha by DoE, GoO on 22.08.2013. A. 5 MW Solar Rooftop Project in Cuttack and Bhubaneswar. Govt. of Odisha has appointed GEDCOL as the concessioning authority to conduct the bidding process and implement a pilot and replicable grid connected rooftop solar project to be developed on a net metering model with a minimum proposed installed capacity of 5MW power on Govt. Buildings specified by Govt. of Odisha in the twin cities of Cuttack and Bhubaneswar through the PPP route on BOO basis. The Project encompasses the setting up of photovoltaic Solar Power Plants on rooftops of the Govt. Buildings. International Finance Corporation (IFC) has been engaged as Transaction Advisor for development of the project on 02.09.2013.Net metering regulation issued by OERC and application for modification of the said order was placed with OERC for clarity of order after discussion with CESU and IFC. The clarification based on the application of the company was issued by OERC with imposition of the provision of 30% ceiling of penetration to Distribution Transformer. IFC has been requested to amend the final Request for Participation (RfP) documents incorporating the above condition and finalizing the revised installed capacity. B. 20 MW Solar Project allotted by SECI. GEDCOL had participated in the RFP invited by Solar Energy Corporation of India (SECI) for setting up 20 MW Solar project under domestic category at Manmunda in the Dist of Boudh in the State of Odisha. Solar Energy Corporation of India (SECI) and GEDCOL has already signed the PPA and VGF document for setting up the above project on 26.02.2014. BHEL was

8 selected through open tendering process to execute the project. Leasehold Land has been provided by IDCO.BHEL has already supplied full quantity of Solar Modules, Inverters (PCU), Module Mounting Structure and DC Cables.It is expected that 15MW project will be commissioned by the end of October'2015 and the balance will be commissioned by end of January'2016. C. Small Hydro Electric Project. A proposal to form a JV between SAIL and your company is in advance stage to develop a 15MW SHEP at Mandira Dam, Rourkela. GEDCOL has also placed work order to WAPCOS for preparation of PFR for 18 nos. of SHEP out of which, the firm has submitted the Final PFR for 13 numbers of SHEPs. PFR's prepared for Kharag-I, II, III & IV SHEP's in the river Kharag for a total capacity of around 96MW and submitted to EIC (Elecy)-cum- PCEI(O) for allotment of these projects in favour of GEDCOL. In the STC, DoWR pointed out interference with proposed Kharag major project and some correction in the hydrology. Accordingly the projects were relocated and revised PFR's prepared for the new locations, namely Kharag- I, Kharag-II, Kharag-2A and Kharag-3. The revised PFR's have been submitted to EIC (Elecy)-cum-PCEI(O) for allotment.WAPCOS has also submitted the Final PFR's of Buda, Salki- I, Salki-II and Salki-III projects . OCPL Odisha Power The State Govt. of Odisha in the Department of (Odisha Coal and Power Generation Corporation Energy vide Letter dtd. 04.02.2015 approved Limited) Limited. the proposal of OPGC for formation of a Joint Venture Company between Odisha Power Generation Corporation (OPGC) and Odisha Hydro Power Corporation Ltd. (OHPC) with shareholding in the following ratio : OPGC : 51% OHPC : 49%

9 The Govt. also advised both OPGC and OHPC to enter into an appropriate Joint Venture / Share holders Agreement to give effect the above decision. OPGC vide its Letter dtd.05.02.2015 informed that they have already formed a wholly owned subsidiary Company, namely Odisha Coal and Power Ltd. (OCPL) and incorporated it on 20.01.2015, and OPGC requested OHPC to acquire 49% of the shares of OCPL in order to comply with the request of Govt. to form a JV Company. Accordingly OHPC acquired 24500 equity shares of Rs. 10/- each amounting to Rs.2,45,000/ - constituting 49% of the present paid-up share capital of OCPL on 11.02.2015 by way of transfer to OPGC, in order to convert OCPL into a JV Company. The State Govt. Department of Energy vide their letter dtd. 21.02.2015 approved the decision of OHPC to form a JV Company with OPGC with shareholding of 51% and 49% between OPGC and OHPC respectively. OCPL subsequently got the allotment of Manoharpur and Dip side Manoharpur coal blocks from Ministry of Coal, GoI.

9. PERFORMANCE OF SUBSIDIARY/JOINT VENTURES Pursuant to Section 129(3) of the Companies Act,2013 read with Rule (5) of the Companies (Accounts ) Rules,2014 , the salient features of Financial Statement of Subsidiary and Joint Ventures in Form AOC-I is enclosed which forms part of this report. 10. RENOVATION & MODERNISATION The Unit #3 (24MW ) of Chipilima Power House , Unit # 5 & #6 of (2x 37.5MW) of Hirakud Power House and Unit 1 to 6 (6x60MW) of Balimela Power House are more than 50 years,55 years and 40 years old respectively and outlived their useful life. Considering the urgent need for renovation and modernization for extension of life period with enhancement of efficiency and reliability of these generating Units, International Competitive Bidding were initiated. The tendering process for the Unit #3 of Chipilima Power House and Unit # 5 & #6 of Hirakud Power House has been completed and the LOA has been issued in favour of the lowest Bidder M/s Voith Hydro India Ltd. The tendering process for R & M work of Balimela Power House is expected to be completed shortly.

10 11. HRD INITIATIVES (a) MAN POWER Your highly motivated and competent human resource that has contributed its best to bring the company ‘ to make it as one of the gold rated PSU of the State. The attrition rate of the OHPC executives (including Executive Trainees) during the year was very minimal. Communication meetings with Unions and Associations were conducted at Units and Corporate level during the year. (b) Training & Development The Management provides continuous emphasis on manpower training and development activities. Refresher training to executives and non-executives of the power plants is being imparted at the OHPC training centre, an Institute recognized by the CEA. Employees are also sponsored for training conducted by reputed outside Agencies. Seminars and workshops are being organized in- house for all categories of employees to keep them updated in their related areas. (c) Industrial Relations Industrial relations remained cordial and harmonious. 12. SAFETY MANAGEMENT OHPC recognizes and accepts its responsibility for establishing and maintaining a safe working environment for all its employees and associates. Proactive steps are being taken for proper implementation of safety procedure in all the Units and at Corporate Office. 13. NOMINATION AND REMUNERATION COMMITTEE OHPC, being a wholly State Public Sector Undertaking, the appointment, tenure and remuneration of Directors are decided by the Governor of Odisha. However, as per the provisions of the Companies Act, 2013 and rules framed there under, the Nomination and Remuneration Committee of the Board has been constituted with the following members in the said committee. 1. Sh D K Jena , Director Chairman 2. Sh S K Jena,Director Member 3. Sh R C Tripathy, Director Member 14. RIGHT TO INFORMATION Your company has implemented Rights to Information Act, 2005 in order to provide information to citizens and to maintain accountability and transparency. The Company has designated a Public Information Officer (PIO), an Appellate Authority and APIO at all units and Corporate Office of OHPC. 15. INFORMATION TECHNOLOGY AND COMMUNICATION Your company has implemented Video Conferencing (VC) facility; which is widely used for conferencing among all the units. In order to improve upon efficiency and bringing transparency, OHPC is regularly publishing it's tenders on it's website www.ohpcltd.com. Online intranet portal has been developed for the use of the employees of the company pertaining to Rules, Policies, Regulations, Circulars, Office Orders, Inventory

11 Reports etc. The retired employees can download the employee benefit forms from the official website of the company. E- tendering for works worth value more than Rs.10 Lakhs has already been implemented. OHPC has also taken initiative to implement an Enterprise Resource Planning (ERP) package covering maximum possible processes across the organization. Efforts are being made to integrate RTI, Assembly questions Management, legal system etc. through IT portal of your company. 16. VIGILANCE In order to ensure transparency, objectivity and quality of decision making in its operation, the company has a Vigilance Department headed by Chief Vigilance Officer. All the Executives submit their property return regularly. Your company observes Vigilance Awareness Week every year in its Corporate Office and all Units. 17. PR INITIATIVES Achievements of your company were duly highlighted through print and electronic media to project OHPC as a leading State PSU of the State. OHPC participated in exhibitions , seminars organized by different Agencies at different level. OHPC also participated in sports activities under the aegis of Power Sports of the State from time to time. 18. SEXUAL HARASSMENT PREVENTION OHPC has implemented the Sexual Harassment of Women at Workplace (Prevention, Prohibition and redressal) Act, 2013 in its entirety. Summary of Sexual harassment issues raised, attended and dispensed during the year 2014-15:- No of complaints received in 2014-15 -Nil- No. of complaints disposed off -Nil- No. of cases pending for more than 90 days -Nil- No. of workshops or awareness programme against sexual harassment carried out One Nature of action taken by the employer or District Officer -Nil- 19. Performance Rating Under MOU In order to make the Public Sector Units competitive, sustainable and meet the future challenging environment successfully, as per the Corporate Governance Manual issued by PE Dept., Govt. of Odisha, your company is signing Memorandum of Understanding (MoU) with Deptt. of Energy, Govt. of Odisha every year from 2011-12 onwards . Based on the performance made by your company during the year 2013-14 as per the MoU signed with DoE , Govt. of Odisha , PE Deptt, GoO has rated your company as "very good". 20. GOLD RATED PSU Based on categorization parameters fixed by Department of Public Enterprises of Govt. of Odisha, OHPC have been categorized as Gold rated PSU and powers are being delegated in selected areas to the Board of Directors based on the assigned category.

12 21. ISO CERTIFICATION OHPC Corporate office, Hirakud HEP and Upper Indravati HEP were certified with ISO 9001:2008 standards in the year 2011-12 for implementing quality management system. Following this, an integrated management system comprising of quality, environment and occupation health-cum-safety was launched successfully across the entire organization in the current year 2014-15 leading to award of ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 to the Corporation. 22. RESERVATION FOR SC/ST/SEBC Your company follows the provisions of ORV Act, 1975 and Rules framed there under relating to reservation of post for SC/ST/SEBC in service as per the directives issued from time to time for recruitment and promotion of employees. During the Departmental Promotion Committee meeting of the Non-Executives and Executives up to the rank of E-3, representatives of SC/ST Deptt. remained present during the DPC meeting. 23. FIXED DEPOSITS During the year the Company has not accepted any fixed deposit within the meaning of Section 73 of Companies Act.2013 and the rules made there under. 24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The Particulars relating to conservation of energy, technology absorption and foreign exchange earnings & outgo, as required to be disclosed under section 134 (3)(m) of the companies Act,2013 read with Rule 8 of the Companies (Accounts ) Rules,2014 , are enclosed at Annexure-I. 25. EXTRACT OF ANNUAL RETURN Extract of Annual Return of the company in accordance to Section 92(3) of the Companies Act,2013 read with Rule 12 of Companies (Management & Administration ) Rules,2014 is given at Annexure-II. 26. RELATED PARTY TRANSACTIONS All transactions entered with related parties for the year were in the ordinary course of business and on an arms' length basis. Further, there are no material related party transactions during the year with the Promoters, Directors or Key Managerial Personnel. All related party transactions are placed before the Audit Committee as also to the Board for approval. 27. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES The particulars of every contract or arrangements entered into by the Company with related parties referred in Section 188 (1) of the Companies Act, 2013, disclosed in Form No. AOC-2 is enclosed. MCA vide notification dated 05.06.2015, has exempted the applicability of Section 188(1) of the Companies Act, 2013 for a transaction entered into between two Government Companies. 28. REPORT ON CORPORATE SOCIAL RESPONSIBILITY Your Company has contributed towards the economic development of the society at large so that the quality of life of internal as well as external stakeholders be improved. The key philosophy of all CSR initiatives of the Company is guided by three core commitments of scale, impact and sustainability. Your company has formulated CSR policy, which is in line with the provisions of Section 135 of the Companies

13 Act,2013 read with Schedule VII of the Act. The Corporate Social Responsibility Policy of your Company is available at following link: www.ohpcltd.com. As per Section 135 of the Companies Act, 2013 which became applicable from 01.04.2014, 2% of average net profit before tax for the last 3 financial years is to be spent on CSR activities. As per above provision, the amount comes to Rs.110.44 lakhs for the financial year . The Company has spent Rs 134.80 lakhs during the year against the said provision. As such the spending on CSR activities comes to 2.44% of average net profit of last 3 financial years. A separate report on Corporate Social Responsibility (CSR) activities undertaken by your company during the financial year 2014-15 is enclosed at Annexure-III. 29. INTERNAL FINANCIAL CONTROLS The Company has in place adequate internal financial controls with reference to financial statements. During the year , such controls were tested and no such material weakness in the design or operation were observed. Further, the Management also strengthening the internal controls to the extent of Industry best standard. 30. CONSOLIDATED FINANCIAL STATEMENTS In accordance with the Accounting Standard (AS)-21 on Consolidated Financial Statements read with AS- 23 on Accounting for investments in Associates and As-27 on Financial Reporting of interest in Joint Ventures, the Audited Consolidated Financial Statements are provided in the Annual Report. Directors Report/Financial Statements in respect of wholly owned Subsidiary Company Green Energy Development Corporation of Odisha Limited are also included in this Annual Report. 31. BOARD OF DIRECTORS As on 31st March 2015, the Board of your company comprised of following Directors:- Sl No. Name Date of Appointment Date of Cessation Designation 1. Sh S C Mahapatra ,IAS 01. 09.2014 - CMD (DIN:- 00229586) 2. Sh P K Jena, IAS 01.08.2012 01.09.2014 CMD (DIN:-02466580) 3. Sh Parag Gupta,IAS 26.04.2014 - Director (DIN :- 02130316) 4. Sh C J Venugopal, IAS 30.10.2012 26.04.2014 Director (DIN:-01755962) 5. Sh Hemant Sharma, IAS 02.08.2013 - Director (DIN:- 01296263) 6. Sh D K Jena 09.08.2010 - Director (DIN: 02902196) 7. Sh. Rajesh Sharma 23.05.2011 - Director (DIN :- 03542705) (HRD)

14 8. Sh S K Sahu 31.05.2012 - Director (DIN:- 05297051) (Finance) 9. Sh R C Tripathy 07.09.2012 - Director (DIN: 05322840) 10. Prof. Devadutta Das 09.07.2010 - Director (DIN:- 03157123) 11. Sh S C Bhadra 09.07.2010 - Director (DIN:- 01896713) 12. Sh S K Jena 07.09.2012 - Director (DIN:-05169683) The Board of Directors places on record its deep appreciation of the valuable services rendered and guidance provided by Sh P K Jena, IAS, Sh C J Venugopal, IAS during their tenure as CMD and Director of the Company respectively. 32. BOARD MEETINGS The Board Meetings are held normally at Bhubaneswar. During the financial year 2014-15, total 07 nos. of Board Meetings were held. 33. DIRECTORS' RESPONSIBILITY STATEMENT In compliance to Section 134 (3) (C) of the Companies Act, 2013, the Directors hereby confirm the followings :- a) In the preparation of the annual accounts, the applicable AccountingStandards had beenfollowed by the Company along with properexplanation relating to material departures in the Notes to Accounts and Accounting Policies; b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the State of affairs of the Company at the end of the financial year 2014-15 and of the profit of the Company for that period; c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act,2013, for safeguarding the assets of the Company and for preventing and detection fraud and other irregularities. d) The Directors had prepared the annual accounts on a going concern basis. e) The Directors had laid down internal financial controls to be followed bythe Company and that such internal financial controls are adequate andwere operating effectively; f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 34. AUDIT COMMITTEE As on 31st March, 2015, the composition of Audit Committee consists of Sh S C Bhadra, Independent Director as Chairman along with one independent Director Sh S K Jena & Sh D K Jena as Govt. nominee

15 and Director (Operation) as the other Members. 6( Six) meetings of the Audit Committee were held during the year 2014-15 for review of the accounts, report of the auditors, cost audit report and internal audit observations. 35. AUDITORS M/s. GRC & Associates, Chartered Accountants, Bhubaneswar was appointed as the Statutory Auditors of the Company and 6 (six) Chartered Accountant firms were also appointed as Branch Auditors for the Hydro Power Stations by the C&AG for the year 2014-15. 36. AUDITORS' REPORTS The Report of the Statutory Auditors and Comments of the C&AG on the accounts of the Company for the year 2014-15 and the replies of the Management to the report/ comments of the Auditors on both stand alone and consolidated Financial Statements are enclosed to this report. No instance of fraud has been reported by the Auditors under Section 143(12) of the Companies Act, 2013. 37. COST AUDIT In accordance with the Companies (Cost Records and Audit) Rules,2014 , notified by Ministry of Corporate Affairs on 30th June,2014 , the Cost Accounting Records are being maintained by all power stations of the company. M/s Niran & Co , Cost Accountants, Bhubaneswar was appointed to conduct audit of Cost Accounting records of power stations for the financial year 2014-15 under Section 148 of the Companies Act,2013. 38. SECRETARIAL AUDITOR The Board has appointed M/s Saroj Panda & Co, Practicing Company Secretary, to conduct Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report is enclosed. The Secretarial Auditor in his report has made certain qualification /observations. The qualification /observations and reply thereto are enclosed here with. 39. KEY MANAGERIAL PERSONNEL During the year, in compliance with Section 203 of the Companies Act, 2013, following were designated as Key Managerial Personnel: 1. Shri S C Mahapatra, IAS, Chairman-cum-Managing Director. 2. Shri Rajesh Sharma, Director (HRD). 3. Sh S K Sahu, Director (Finance). 4. Sh P K Mohanty, Company Secretary. 40. CORPORATE GOVERNANCE OHPC ensures compliance of the Corporate Governance Manual issued by the State Govt. Department of Public Enterprises and maintains transparency in all its business transactions. 41. DECLARATION OF INDEPENDENCE Your company has received declaration from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act,2013 read with the Schedule and Rules issued there under.

16 42. GENERAL Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review. 1. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future. 2. There have been no Material Changes and Commitments subsequent to the date of Balance Sheet. 43. ACKNOWLEDGEMENTS The Board of Directors acknowledges with deep appreciation of the co-operation and guidance received from the Govt of India in particular the Ministry of Power, CEA , Govt of Odisha in particular Deptt. of Energy, Finance, PE and SC & ST Deptt, GRIDCO, OPTCL, SLDC, ERPC, POSOCO, PGCIL, PFC, CERC, REC, IREDA, SECI, OERC, Bankers and other associated organizations. The Board expresses their sincere thanks to all the business associates, professional consultants, counsels for their continued patronage and assistance. The Board acknowledges with thanks the constructive suggestions received from C&AG, the Statutory Auditors, the Cost Auditors and Secretarial Auditor for their valued co-operation. The relationship with the employees remained cordial during the year. The Directors wish to express their appreciation for the sincere and dedicated services rendered by the employees at all levels and look forward to continuance of mutual support and co-operation in future as well.

FOR AND ON BEHALF OF THE BOARD

Bhubaneswar S C MAHAPATRA, IAS Date : 25.09.2015 CHAIRMAN- CUM - MANAGING DIRECTOR DIN:-00229586

17 Annexure to Director’s Report

AOC-1 (Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014) Statement containing salient features of the financial statement of Subsidiaries/ Associate companies/ Joint ventures Part "A": Subsidiaries In Rupees Sl. No. 1 Name of the Subsidiary Green Energy Development Corporation Ltd Share Capital 49,89,00,000.00 Reserves & Surplus 10,08,16,033.00 Total Assets 1,65,71,44,949.00 Total Liabilities 1,65,71,44,949.00 Investments - Turnover - Profit Before Taxation 77,23,901.00 Provision For Taxation 5,02,488.00 Profit After Taxation 72,21,413.00 Proposed Dividend - % of Shareholding 100 Note : Green Energy Development Corporation Ltd have not started commercial operation during the Financial Year 2014-15. Part "B": Associates and Joint Ventures Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures Name of Associates/Joint Ventures Odisha Thermal Power Baitarni West Coal Odisha Coal & Power Corporation Limited Company Limited Limited 1. Latest Audited Balance Sheet Date 31-Mar-15 31-Mar-15 Refer Sl No 4. 2. Shares of Associate/Joint Ventures held by the company on the year end No. 11,42,047.00 1,00,000.00 24,500.00 Amount of Investment in Associates/Joint Venture 1,14,20,47,000.00 10,00,00,000.00 2,45,000.00 Extend of Holding % 50% 33% 49% 3. Description of how there is significant influence Significant Influence Significant Influence Significant Influence Over Share Capital Over Share Capital Over Share Capital 4. Reason why the Associate/ Joint Venture Consolidated Consolidated Not consolidated, Since is not Consolidated the first accounting period for JV is not concluded as on 31.03.2015 5. Networth Attributable to Shareholding 2,21,09,25,699.00 29,88,78,116.00 - as per latest Audited Balance Sheet 6. Profit / (Loss) for the year (1,20,81,514.00) (4,34,364.00) - i. Considered in Consolidation (60,40,757.00) (1,44,788.00) - ii. Not Considered in Consolidation (60,40,757.00) (2,89,576.00) - Note : Odisha Thermal Power Corporation Limited,Baitarni West Coal Company Limited & Odisha Coal & Power Limited - have not started commercial operation during the financial Year 2014-15. In terms of our report of even date attached. For G R C & Associates Chartered Accountants

P.M.Dash P K Pradhan P K Mohanty S K Sahu S.C. Mahapatra Partner DGM (F & A) Company Secretary Director (Finance) & CFO Chairman-cum-Managing Director M.No.069682 (DIN-05297051) (DIN-00229586) Place : Bhubaneswar Date : 30.07.2015

18 Annexure to Director’s Report

DISCLOSURE REQUIRED UNDER SECTION 134 (3) (m) OF THE COMPANIES ACT 2013 READ WITH RULE 8 OF THE COMPANIES (ACCOUNTS ) RULES,2014:.

A. CONSERVATION OF ENERGY (a) Energy Conservation measures taken and on hand With a view to assess and optimize the performance of generating stations, energy audit of HHEP, Burla and BHEP, Balimela has been conducted by M/s Eaga. The firm has submitted the final Energy Audit Report for the above Power House; which are scrutinized by OHPC. (b) Additional investments and proposals if any, being implemented for reduction of consumption of energy. Based on the Energy Audit Report, necessary investment will be made during the R & M work of the power house with installation of energy efficient equipments. (c) Impact of measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods. Energy efficient device equipments shall be installed in phased manner and during R & M work replacing the low performance one's based the Energy Audit Report. B. TECHNOLOGY ABSORPTION NIL C. FOREIGN EXCHANGE EARNINGS AND OUTGO DURING 2014-15 (Rs. in lakhs) 2014-15 2013-14 (a) Earnings in Foreign Currency Nil Nil

(b) Foreign Exchange Outgo :

(i) Value of imports calculated on 714.00 Nil CIF basis for capital good and spare parts.

(ii) Expenditure in foreign currency for foreign visits. Nil Nil

(iii) Expenditure incurred in foreign Currency for Nil 9.59 payments of consultants

19 Annexure to Director’s Report

FORM No.MGT-9 EXTRACT OF ANNUAL RETURN As on the Financial Year ended on 31st March, 2015 [Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS i) CIN U40101OR1995SGC003963 ii) Registration Date 21st April,1995 iii) Name of the Company Odisha Hydro Power Corporation Ltd. iv) Category / Sub-Category of the Company Government Company, Limited by Shares v) Address of the Registered Office and contact details Vani Vihar Chhak, Janpath, Bhoi Nagar, Bhubaneswar -751022 vi) Whether listed Company Yes/No No vii) Name, Address and Contact details of Registrar Not Applicable and Transfer Agent, if any

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10% or more of the total turnover of the Company shall be Stated:- Sl No. Name and Description of NIC Code of the % to total turnover of the main products /services Product /service * Company** 1. Energy (Hydro Power) 35101 100% Electric Power Generation by Hydro Electric Power Plants. *As per classification under National Industrial classification, Central Statistical Organization, Ministry of Statistics and programme implementation, Government of India, New Delhi. **On the basis of Gross Turn Over

20 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANEIS.

Sr. Name of the Address CIN/GLN Holding / % of shares held Applicable No. Company Subsidiary/ by the Associate Company/ Subsidiary/ Associate Company 1. Odisha Thermal 3rd Floor, Setu Bhawan, U40102OR2007 Joint Venture 50% 2 (6) Power Nayapalli, Plot No.3-D of SGC009145 Corporation Ltd. Orissa Bridge Corporation Ltd., Bhubaneswar-751012 2. Baitarani West 3rd Floor, Setu Bhawan, U40102OR2008 Joint Venture 33.33% 2(6) Coal Company Nayapalli, Plot No.3-D of SGC009955 Ltd. Orissa Bridge Corporation Ltd. Bhubaneswar-751012 3. Green Energy OHPC Corporate Office, U40102OR2013 A wholly 100% 2(87) Development Vani Vihar Chhak, SGC016747 owned (ii) Corporation of Janpath, Bhoi Nagar, subsidiary Odisha Ltd. Bhubaneswar -751022. 4. Odisha Coal Plot No.No.N-3/135, IRC U10100OR2015 Joint Venture 49% 2(6) and Power Ltd., Village, Nayapalli, SGC018623 Bhubaneswar-15

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i) Category-wise Share Holding

21 B. Public Shareholding 0 0 0 0 0 0 0 0 0.00

1.Institutions

a) Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00

b) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00

c) Central Govt. 0 0 0 0.00 0 0 0 0.00 0.00

d) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00

e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00

f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00

g) FIIs 0 0 0 0.00 0 0 0 0.00 0.00

h) Foreign Venture 0 0 0 0.00 0 0 0 0.00 0.00 Capital Funds

Sub-total (B) (1):- 0 0 0 0.00 0 0 0 0.00 0.00

2. Non-Institutions

a) Bodies Corporate. 0 0 0 0.00 0 0 0 0.00 0.00

i) Indian 0 0 0 0.00 0 0 0 0.00 0.00

ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00

a) Individuals 0 0 0 0.00 0 0 0 0.00 0.00

i) Individual shareholders 0 0 0 0.00 0 0 0 0.00 0.00 holding nominal share capital up to Rs. 1 lakh

ii) Individual shareholders 0 0 0 0.00 0 0 0 0.00 0.00 holding nominal share capital in excess of Rs. 1 lakh

b) Others 0 0 0 0.00 0 0 0 0.00 0.00

Sub-total (B) (2):- 0 0 0 0.00 0 0 0 0.00 0.00

Total public 0 0 0 0.00 0 0 0 0.00 0.00 shareholding (B) =(B) (1)+(B)(2) C. Shares held by custodian 0 0 0 0.00 0 0 0 0.00 0.00 for GDRs & ADRs Grand Total (A+B+C) 0 3208007 3208007 100.00 0 3398007 3398007 100.00 0.00

ii) Shareholding of Promoters Sl Shareholder's Shareholding at the beginning of Share holding at the end of the year % No. Name the year (As on 01.04.2014) (As on 31.03.2015) change in share 1 No. of % of total % of Shares No. of % of total holding Shares Shares of the Pledged/ Shares Shares of % of Shares during Company encumbered the Pledged/ the year to total shares Company encumbered to total shares 1. Governor of Odisha 3208007 100.00 0.00 3398007 100.00 0 Nil along with 6 nominees. Total 3208007 100.00 0.00 3398007 100.00 0 Nil

22 iii) Change in Promoters' Shareholding (please specify, if there is no change) -No change. Sl Shareholding at the beginning of the Cumulative Shareholding during the No. year (As on 01.04.2014) year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company At the beginning of the year 3208007 100.00 3208007 100.00 Shares allotted on 10.06.2014 1,90,000 - 1,90,000 100.00 At the end of the year 3398007 100.00 3398007 100.00 (As on 31.03.2015)

iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promotersand Holders of GDRs and ADRs) Sl Shareholding at the Cumulative Shareholding No. beginning of the year during the year For each of the top 10 Shareholders No. of shares % of total No. of shares % of total shares of the shares of Company the Company At the beginning of the year 0 0 0 0 Date wise increase/ decrease in Share holding 0 0 0 0 during the year specifying the reasons for increase/decrease (e.g. allotment / transfer/ bonus/sweat equity etc) : At the end of the year (or on the date of 0 0 0 0 separation, if separated during the year)

v) Shareholding of Directors and Key Managerial Personnel Sl. Name Shareholding Date Increase/ Reason Cumulative / No. Decrease Shareholding Sharehold-ing during the year (01.04.2014 to 31.03.2015) A. DIRECTORS No. of Shares at %of total Share %of total the Beginning Shares of shares of (01.04.2014)/ the the end of the year Company Company (31.03.2015) 1. Sh P K Jena,IAS 1 .000031 01.04.2014 1 .000031 0 0 26.12.2014 -1 Transfer 0 0 0 0 31.03.2015 0 0 2. Sh S C Mahapata, IAS 0 0 01.04.2014 0 0 0 CMD 26.12.2014 1 Transfer 1 .000029 1 .000029 31.03.2015 1 .000029

23 3. Sh C J Venugopal, IAS 1 .000031 01.04.2014 0 .000031 Govt. nominee 0 0 08.08.2014 -1 Transfer 0 0 Director 0 0 31.03.2015 0 0 4. Sh Parag Gupta, IAS 0 0 01.04.2014 0 0 0 08.08.2014 1 Transfer 1 .000029 1 .000029 31.03.2015 1 .000029

Sl. Name Shareholding Date Increase/ Reason Cumulative / No. Decrease Shareholding in Sharehold-ing during the year (01.04.2014 to 31.03.2015) A. DIRECTORS No. of Shares at %of total Share %of total the Beginning Shares of shares of (01.04.2014)/ the the end of the year Company Company (31.03.2015) 5. Sh D K Jena, 1 .000031 01.04.2014 1 .000031 Govt. nominee 1 .000029 31.03.2015 1 .000029 6. Sh S K Sahu, 1 .000031 01.04.2014 1 .000031 Director (F) 1 .000029 31.03.2015 1 .000029 7. Sh S K Jena, 1 .000031 01.04.2014 1 .000031 Ind. Director 26.12.2014 -1 Transfer 0 0 0 0 31.03.2015 0 0 8. Sh S C Bhadra, 1 .000031 01.04.2014 1 .000031 Ind. Director 26.12.2014 -1 Transfer 0 0 0 0 31.03.2015 0 0 9. Sh Rajesh Sharma, 0 0 01.04.2014 0 0 0 Director (HRD) 26.12.2014 1 Transfer 1 .000029 1 .000029 31.03.2015 1 .000029 10 Sh R C Tripathy, Nil Nil Nil Nil Nil Ind. Director 11. Sh Hemant Sharma, Nil Nil Nil Nil Nil IAS, Director 12. Prof. D. Das Nil Nil Nil Nil Nil Ind. Director B. KEY MANAGERIAL PERSONNEL 1. Sh P. K Mohanty, Nil Nil Nil Nil Nil Company Secretary

24 v) INDEBTEDNESS Indebtedness of the Company including interest outstanding / accrued but not due for payment. Secured Loans Unsecured Deposit Total excluding Loans (in Rs.) Indebtedness deposits (in Rs.) Indebtedness at the beginning of the Financial Year (i) Principal amount - 10,269,023,048 - 10,269,023,048 (ii) Interest due but not paid - 2,788,016,000 - 2,788,016,000 (iii) Interest accrued but not due - 8,472,345 - 8,472,345 Total (i+ii+iii) - 13,065,511,393 - 13,065,511,393 Change in Indebtedness during the Financial Year Addition - 8,166,483,700 - 8,166,483,700 Reduction - 4,761,943,808 - 4,761,943,808 Net Change - 3,404,539,892 - 3,404,539,892 Indebtedness at the end of the Financial Year Principal amount - 13,171,452,097 - 13,171,452,097 Interest due but not paid - 3,292,499,700 - 3,292,499,700 Interest accrued but not due - 6,099,488 - 6,099,488 Total (i+ii+iii) - 16,470,051,285 - 16,470,051,285

vi) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and / or Manager :

Sl. Particulars of Remuneration Name of MD/WTD/Manager Total Amount (in Rs.) Rajesh Sharma, S. K Sahu, - - Director (HRD) Director (F) 1. Gross salary Rs.12,92,542/- Rs.22,00,965/- - - 3493507/- (a) Salary as per provision contained in section 17(1) of the Income Tax Act, 1961 (b) Value of perquisites u/s 17(2) Rs.51055/- Rs.25491/- - - 76546/- Income Tax Act,1961 (c) Profits in lieu of salary under NIL NIL - - section 17(3) Income Tax Act, 1961

25 2. Stock Option NIL NIL - - 3. Sweat Equity NIL NIL - - 4. Commission NIL NIL - - - As % of profit - Other s, specify..... 5. Others, please specify Total (A) Rs.13,43,597/- Rs.22,26,456/- 3570053/- Ceiling as per the Act Not applicable being a Govt. Company (Ministry of Corporate Affairs notification dated 05.06.2015) Note: Sh S C Mohapatra, IAS, Principal Secretary, Department of Energy Govt. of Odisha is Chairman-cum-Managing Director w.e.f. 01.09.2014 and Sh P K Jena, IAS, Department of Energy, Govt of Odisha Ex Principal Secretary was CMD of OHPC up to 01.09.2014.

B. Remuneration to other Directors

S l Particulars of Sh S C Sh S K Jena Sh R C Tripathy Prof. D. Das No. Remuneration Bhadra

1. Independent Directors

Fee for attending Rs.2,16,000/- Rs.1,68,000/- Rs.1,68,000/- Rs.56,000/- Board Committee Meetings

Commission Nil Nil Nil Nil

Others, please specify Rs.20,250/ Rs.15,000/- Rs.15,750/- Rs.1,49,461/-

2. Total (1) Rs.2,36,250/ Rs.1,83,000/- Rs.1,83,750/- Rs.2,05,461/-

3. Other Non- Executive - - - - Sh Parag Sh Hemant Sh D K Jena Directors Gupta,IAS Sharma, IAS

4. Fee for attending - - - - Nil Nil Nil Board Committee Meetings

Commission - - - - Nil Nil Nil

Others, please specify - - - - Nil Nil Nil

5 Total (2) Nil Nil Nil

6. Total (B) = (1+2) Rs.2,36,250/ Rs.1,83,000/- Rs.1,83,750/- Rs.2,05,461/- 0 0 0

7. Total Managerial Remuneration

8. Overall Ceiling t NA as per the Ac

26 C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THANMD/MANAGER/ WTD. S l Particulars of Remuneration Key Managerial Personnel No. Company Secretary Total 1. Gross salary Amount (in Rs.) Amount (in Rs.) a) Salary as per provisions contained in section 17(1) Rs.11,56,326/- Rs.11,56,326/- of the Income Tax Act, 1961 b) Value of perquisites u/s 17(2) Income-tax Act, 1961 9839 9839.00 c) Profits in lieu of salary under section 17(3) Income Tax Act, 1961 Nil - 2. Stock Option Nil - 3. Sweat Equity Nil - 4. Commission Nil - - As % of profit

-others, specify....

5. Others, please specify -

Total 11,66,165/- 11,66,165/- *The post of CFO is being held by Director (Finance).

D. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES Type Section of the Brief Details of Authority Appeal Companies Act Description Penalty/ [RD/NCLT/COURT] made, if Punishment / any Compounding (give fees imposed Details) A. COMPANY Penalty Nil Nil Nil Nil Nil Punishment Nil Nil Nil Nil Nil Compounding Nil Nil Nil Nil Nil B. DIRECTORS Penalty Nil Nil Nil Nil Nil Punishment Nil Nil Nil Nil Nil Compounding Nil Nil Nil Nil Nil C. OTHER OFFICERS IN DEFAULT Penalty Nil Nil Nil Nil Nil Punishment Nil Nil Nil Nil Nil Compounding Nil Nil Nil Nil Nil

27 Annexure to Director’s Report

FORM NO. AOC - 2 (Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014) Form for disclosure of particulars of contracts/ arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not at arm's length basis. Name(s) Nature Duration of the Salient Justification Date(s) of Amount Date on of the of contracts terms of the for entering approval paid as which the related contracts /arrangements/ contracts or into such by the advances, special party and /arrangements transactions arrangements contracts or Board if any resolution nature of /transactions or transactions arrangements was passed relationship including or transactions in general the value, if meeting as any required under first proviso to Section 188

Nil Nil Nil NIl NIl Nil NIl NIl

2. Details of material contracts or arrangement or transactions at arm's length basis. Name(s) of the Nature of Duration Salient Justification Date(s) of Amount paid as related party contracts/ of the terms of for entering approval by advances, if any and nature arrangements/ contracts / the contracts into such the Board of relationship transactions arrangements or contracts or /transactions arrangements arrangements or or transactions transactions including the value, if any Nil GEDCOL* Bank Furnished BG # NIl Guarantee on behalf of GEDCOL to SECI * Government Company # MCA vide its Notification dated 05.06.2015 exempts the related party transactions between two Govt. Companies for reporting.

28 Annexure to Director’s Report

CORPORATE SOCIAL RESPONSIBILITY AT OHPC

1. Brief outline of the Company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs : Introduction : Your company has formulated a CSR policy in line with the provisions of Section 135 of the Companies Act,2013 read with Schedule VII of the Act read with Companies (Corporate Social Responsibility Policy) Rules,2014. Highlights of the Policy : The CSR activities shall be undertaken by OHPC, as per its stated CSR Policy, as projects or programmes or Activities (either new or ongoing) excluding activities undertaken in pursuance of its normal course of business. The CSR Policy inter alia include but not limited to a list of CSR projects or programmes which OHPC plans to undertake falling within the purview of the Schedule- VII of the Act, specifying modalities of execution of such project or programmes and implementation schedule for the same; and monitoring process of such projects or programmes. CSR Activities do not include the activities undertaken in pursuance of normal course of business of OHPC. The Board of Director (BoD) of OHPC shall ensure that the surplus arising out of the CSR projects or programmes or activities shall not form part of the business profit of OHPC. OHPC shall give preference to the local area and areas around where it operates, for spending the amount earmarked for CSR activities. Programmes Covered under CSR : The major focus area of CSR activities should be at locations in and around six power stations under the control of OHPC across the state of Odisha. However due consideration may be given to the peripheral developmental activities which OHPC has been carrying out for past several years provided such activities/ programmes/schemes are covered under the Schedule-VII. The CSR Policy of OHPC will prioritize its activities for the displaced families from the reservoir area & rehabilitated in those villages in & around BHEP, Balimela, UIHEP, Mukhiguda & UKHEP, Bariniput. After identification of all such villages, the priority will be for imparting skill development training to the interested persons of the said villages & to implement deep bore well Scheme of Govt of Odisha. OHPC will make an endeavour to support various social sector spending by Govt of Odisha especially those covered under the items enlisted under Schedule-VII of the Companies Act, 2013 and Rules framed thereunder read with subsequent amendments &/or clarifications, if any, which broadly include but not limited to the followings :-

29 Supporting fees (tuition & hostel) of some needy SC/ST/SEBC candidates pursuing technical education through DTET, Odisha. Supporting efforts of Govt of Odisha for promoting Clean India Movement through OPEPA & Deptt of Education. Providing ambulance services to Health Administration of Govt of Odisha. Contribution towards old age home, orphanage and such organizations working in the field of uplifting differently abled persons. 2. The Composition of the CSR Committee : AT Present , the composition of Committee of Directors on CSR is as under : 1. Shri Hemant Sharma, IAS Director Chairman. 2. Shri S C Bhadra Independent Director Member. 3. Shri Rajesh Sharma Director (HRD) Member. 4. Shri Santosh Kumar Sahu Director (Finance) Member.

3. Average net profit before tax of the Company for last three financial years : The details of net profit before tax for last 3 financial years for the purpose of computation of CSR Budget as per Section 198 of Companies Act,2013 are as under: Sl. No. Financial Year Net Profit before tax Average Net Profit before tax (In Crores) (Rs. in Laks) 1 2011-12 9560.50 2 2012-13 5892.32 5521.87 3 2013-14 1112.32

4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above) : Rs.110.44 Lakhs (2% of average net profit for past 3 years).

5. Details of CSR spent during the Financial Year : (a) Total amount to be spent for the Financial Year : Rs.110.44 Lakhs. (b) Amount unspent, if any : Nil (c) Manner in which the amount spent during the Financial Year is detailed below:

30 (1) (2) (3) (4) (5) (6) (7) (8) Sl CSR Sector in Projects or Amount Amount spent Cumulative- Amount spent No. project or which the programs (1) Local outlay on the projects expenditure Direct or activity project is area or other (2) (budget) or programs up to the through identified covered Specify the State project or Sub-heads: (1) reporting implementing and district where programs- Direct period agency* projects or wise expenditure on Programs was projects or undertaken programs (2) Over-heads : 1. Catchment Odisha UIHEP, Rs.134.80 Area Forestry Mukhiguda, Dist- Lakhs Treatment Sector Kalahandi, Odisha Plan (CATP) Development & UKHEP, Project Bariniput, Dist- Koraput, Odisha

* Details of implementing Agency : Odisha Forestry Sector Development Project, State Nodal Unit, CATP, SFTRI Campus, Bhubaneswar.

6. In case the Company has failed to spend the two per cent of the average net profit of the last three Financial Years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board report: NIL

7. Responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company. Implementation and monitoring of CSR Policy , is in compliance with CSR objectives under the Companies Act,2013.

S C MAHAPATRA, IAS HEMANT SHARMA, IAS Chairman-cum-Managing Director Director & Chairman DIN : 00229586 Committee of Directors on CSR DIN : 01296263.

31 Annexure to Director’s Report Replies of the Management on the Comments of the Comptroller and Auditor General of India under section 143(6) (b) of the Companies Act, 2013 on the Financial statements of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015.

The preparation of financial statements of Odisha Hydro Power Corporation Limited for the year ended 31 March, 2015 in accordance with financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act are responsible for expressing opinion on the financial statements under Section 143 of the Act based on independent audit in accordance with the Standards on auditing prescribed under Section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 30th July, 2015. I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under Section 143(6) (a) of the Act of the financial statements of Odisha Hydro Power Corporation Limited for the year ended 31 March 2015. This supplementary audit has been carried out independently without access to the working paper of the Statutory Auditors and is limited primarily to inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit, I would like to highlight the following significant matter under Section 143(6)(b) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statement and the related Audit Report.

Sl No. Comments of C&AG of India Replies of the Management (A) Comments of profitability: Statement of Profit and Loss Revenue from Operations (Note-22) - Rs. 493.24 Crore

1. The above includes Rs. 4.53 crore deposited Pursuant to Order of Hon'ble High Court dated by different industrial undertakings as per the 30.03.2012 and subsequent notification of GoO interim orders of Hon'ble Court on the basis of dtd.01.10.2013, OHPC raised demand on appeal made by the industries. The company has industrial undertaking those who are drawing water booked the amount as income of current year from the reservoir as a compensation towards loss towards compensation for loss of energy. Since of energy. Against the said claim of OHPC, some the matter is under sub-judice and the High Court of the industrial undertakings filed petition before has stayed the matter with instruction to deposit Hon'ble High Court and Hon'ble High Court passed the above amount, these deposits should not have interim orders to deposit certain amounts before been recognized as income of the company. This OHPC. On receipt of said amount from some of has resulted in overstatement of Revenue from the industrial undertakings amounting to Rs.4.53 operation and Profit for the year with Crs. has been shown as income on cash basis under corresponding understatement of Deposits (Long Note-22 in the main head sale of energy as per the Term loans and Advances) and Non-current accounting policy disclosed under Item 9.3 (iv). So, Liabilities by Rs. 4.53 crore each. there is no overstatement of profit.

32 Prior Period adjustments (Note-28) (-) Rs. 29.92 crore 2. The above is overstated by Rs. 4.37 crore due The reconciliation of energy sold to GRIDCO upto to non-accounting of downward revision of FY 2014-15 has been completed. Out of Rs. 4.37 energy bills of Hirakud Hydro Electric Project, crores, Rs. 3.10 crores have already been Burla and Balimela Hydro Electric Project, considered during the FY 2014-15 by respective Balimela for the period 2011-12 and 2012-13 units and for the balance amount of Rs. 1.27 crores, as per State Load and Despatch Centre the concerned units have been advised to pass certification of PAFM (Plant Availability Factor necessary accounting entry in their books of Multiplier). This has also resulted in accounts during the FY 2015-16. overstatement of Current Assets (Trade receivables) and Profit for the year to the same extent. (B) Comments on Financial Position Balance Sheet Equity and Liabilities Current Liabilities Other Current Liabilities (Note-9) State Government loan converted into equity pending for allotment: Rs. 298.85 crore. 3. The above represents a part of the Government The amount of Rs.298.85 Crs has been correctly loan of Rs. 821.14 crore to be converted to disclosed under the head "other current liabilities" equity in respect of Upper Indravati Hydro in Note-9. As per Notification No.5843 Electric Project (UIHEP) of the Company as dtd.03.07.2015, loan amounting to Rs.298.85 Crs. per Government of Odisha (GoO) modified was to be converted to Equity Capital. The notification No. 3060 dated 31.03.2015. Since treatment of share application money arises only the amount is pending for conversion to equity when the possibility of rejection of share application as on the date of authentication of accounts, this is there. However, in our case there is no such should have been shown under the head 'Share possibility as the corporation has not received any application money pending allotment' as required share application money from Govt. of Odisha. It under Part-I of Schedule-III of the Companies is a matter of conversion of loan to equity. Moreover, Act, 2013. Booking of the item under Current this share certificate shall be issued to Govt. during liabilities instead of Share Application Money the FY 2015-16 consequent upon the decision of Pending Allotment has resulted in overstatement Board of Directors on dtd.29.07.2015. of 'Other Current Liabilities" and understatement Hence, the disclosure regarding terms and conditions of 'Share application money pending allotment' of issue of share, period before which shares shall by Rs. 298.85 crore each. be allotted and period for which the share application money has been pending is not required.

33 (C) Comments on Disclosure: Significant Accounting Policies (Note-1) Inventories (Para-7) 4. The Company has disclosed in its accounting The inventories of stores, spares and consumables policy that valuation of inventories is made at are utilized in power house for maintenance of the cost price. But as per AS-2, this should have machine. These inventories are not meant for sale. been valued at cost or net realisable value Therefore, the market value / net realizable value is whichever is lower. Further, the Company has not required. Accordingly, the same is booked as also not disclosed the cost formula for valuation per the cost price. The policy under note -1 Para- of inventories as required under AS-2. 7 is disclosed correctly which has been shown consistently since inception of OHPC.

Notes on Accounts Note-9.3

5. (a) The company has disclosed in its accounting The incomes which are shown on cash basis is policy that the revenues on account of DPS on disclosed vide Item No.9 (3) of Note -1. The same energy bills, water compensation receivables accounting principle has been followed by OHPC from drawal of water from Reservoirs, recovery consistently and there is no deviation. of OERC application fee, publication expenses, ERPC fees, interest on SD with SOUTHCO, are accounted for on cash basis. But the Company has not disclosed the reasons for deviations from fundamental accounting principles and the financial impact on the accounts as required under Section 129(5) of the Companies Act, 2013. General 5. (b) The Company has accounted for receipt of This accounting policy has been consistently insurance claims and interest on house building followed by OHPC. However, the same has been loan to employees on cash basis but this has not inadvertently not disclosed in the accounting policy. been disclosed along with reasons for such deviation and the financial impact thereon as required under AS-1.

Contingent Liabilities (Note-12) 6. The Company has disclosed Rs. 9.32 crore as OHPC has disclosed Rs.9.32 Crs. as contingent Contingent Liability against the Income Tax liabilities vide Note-42 (xiv) (i) towards refund as refund pending with different appellate authorities the same was adjusted by the Assessing Officer for the Assessment Years 2006-07, 2007-08 and due to disallow of certain expenses against which

34 2009-10 to 2012-13. But the company had OHPC has gone for appeal in different stages. booked Rs. 43.30 crore against tax demand of Rs. 100.78 crore raised by the IT Department. The balance claim of Rs. 57.47 crore against which appeal is still pending being contingent in nature should have been disclosed. (D) Comment on Independent Auditors' Report Report on Legal and Regulatory requirements 7. As required under Section 143(3) (c) of the Noted. Companies Act, 2013, The Auditors' Report shall also state whether the report on the accounts of any branch office of the Company audited under sub section (8) by a person other than the Company's auditor has been sent to him under the proviso to that sub-Section and the manner in which he has dealt with it in preparing his report. But the Statutory Auditors did not report the matter adequately in respect of six branches of the company audited by different Auditors with different Audit Reports.

For and On behalf of For and On behalf of the Comptroller and Auditor General of India the Board of Directors

Sd/- S C MAHAPATRA, IAS (R.AMBALAVANAN) Chairman-cum-Managing Director 24.09.2014 DIN:-00229586 ACCOUNTANT GENERAL Place : Bhubaneswar Date : 25.09.2015

35 Annexure to Director’s Report Replies of the Management on the Comments of the Comptroller and Auditor General of India under section 143(6)(b) of the Companies Act, 2013 on the Consolidated Financial Statement of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015.

The preparation of Consolidated Financial Statements of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015 in accordance with financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of Indian under Section 139(5) read with 129(4) of the Companies Act, is responsible for expressing opinion on the financial statements under Section 143 read with 129(4) of the Act, based on independent audit in accordance with the Standards on auditing prescribed under Section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated : 30th July, 2015. I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under Section 143(6)(a) read with 129(4) of the Act of the Consolidated Financial Statements of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015. We conducted a supplementary audit of the financial statement of Green Energy Development Corporation of Odisha Limited and Odisha Thermal Power Corporation Limited, but did not conduct supplementary audit of the financial statements of Baitarani West Coal Company Limited for the year ended on that date. This supplementary audit has been carried out independently without access to the working paper of the Statutory Auditors and is limited primarily to inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit, I would like to highlight the following significant mater under Section 143(6)(b) read with 129(4) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the Consolidated Financial Statements and the related Audit Report.

Sl No. Comments of C&AG of India Replies of the Management Comments on Disclosure: Significant Accounting Policies followed by Group Para-10 (Depreciation)

1. Depreciation of Fixed Assets of OHPC has been The depreciation has been charged by OHPC and charged as per the rates prescribed under its subsidiary and joint venture as per Schedule-2 Section 178 of the Electricity Act, 2003 read of Companies Act 2013. However, inadvertently, with Central Electricity Regulatory Commission part-B is mentioned in Note-10. Moreover, all the (Terms and Conditions of tariff) Regulations Companies have correctly calculated depreciation 2009 whereas, in case of BWCCL and OTPCL, and properly disclosed as per Companies Act 2013. depreciation has been charged as per the rates prescribed in Schedule-II of the Companies Act, 2013. GEDCOL has not mentioned any

36 accounting policy for depreciation. The disclosure made is deficient to that extent. 2. Para-11 We agree to the view of auditor. However, there is The disclosures made on retirement benefits is no liability towards retirement benefits in case of related to OHPC only. In respect of other Joint Venture Company as there are no employees Companies in the Group the retirement benefits as on date eligible for such benefits. have been recognized on cash basis. This has not been disclosed.

For and On behalf of For and On behalf of the Comptroller and Auditor General of India the Board of Directors

Sd/- S C MAHAPATRA, IAS (R.AMBALAVANAN) Chairman-cum-Managing Director ACCOUNTANT GENERAL DIN:-00229586 Place : Bhubaneswar Date : 25.09.2015

Payment of Dividend Cheque by the Hon’ble Minister, Energy on behalf of OHPC to the Hon’ble Chief Minister, Odisha for the Financial Year 2014-15.

37 Annexure to Director’s Report

Replies of the Management on the Observations of the Statutory Auditors

Sl No. Observations of the Statutory Auditors Replies of the Management A. BASIS OF QUALIFIED OPINION

1. Interest receivable from GRIDCO & profit for As per the Agreement made with GRIDCO on dtd. the year are understated to the tune of Rs. 35.12 23.02.2015, a sum of Rs. 619.00 Crs. have been crore due to non-accounting of the interest securitized against the long outstanding dues of receivable from GRIDCO on 8% Debt energy bills. The said amount has been apportioned Securitization of GRIDCO dues amounting to to all Units in the ratio of their outstanding dues as Rs. 619 crores. on 31.03.2013 and kept in the H.O. books of account centrally under the Head Non-Current Assets Debt Securitization of GRIDCO dues to monitor & regulate the receipt of interest in lieu of DPS & principal from GRIDCO. As per the terms & conditions of said agreement, the interest for the period from 01.04.2014 till signing of the agreement shall be paid in four equal installments from the next month of signing of the agreement and the first installment of Rs. 14.44 Crs (Gross) is due & received in March, 2015 which is apportioned to all units at the year end. Further, it is to mention here that this interest in lieu of DPS is accounted for on Cash basis as per accounting policy followed by OHPC consistently. 2. The company has not ascertained deferred Tax Noted. Liability / deferred Tax Assets during the year and no provision has been made for deferred Tax Liability / deferred Tax Assets in accordance with AS-22 (Accounting for Taxation) issued by the Institute of Chartered Accountants of India. 3. Short Term Provision is understated & As a matter of accounting principle followed by accumulated profit is overstated to the extent of OHPC, the pension and leave salary contribution non provision of liabilities on account of pension in respect of deputed employees are accounted for

38 fund & leave encashment fund (figures not consistently on cash basis i.e. in the year of payment ascertained) relating to deputed employees. based on the demands raised by A.G. Odisha. 4. The Company has not ascertained the provision The observed projects i.e. Potteru, Sindol Project, required to be made on account of impairment Office building and staff quarter are running project of fixed assets as per Accounting Standard - 28 and not commissioned yet. OHPC have appointed issued by ICAI even though the company is professional firms for physical verification of Fixed having the clear case of impaired assets i.e. Assets and certification regarding impairment of CWIP of Potteru Project amounting to Rs. 23.03 assets. OHPC have received the physical crore, Sindol Project amounting to Rs. 0.29 crore verification report as well as certificate that there is & Building WIP including office & staff quarter no impairment of Assets. amounting to Rs. 0.34 crore. 5. Sundry Debtors on account of receivable from CSPDCL has no where mentioned regarding non- CSPDCL is overstated & Profit & loss account acceptance of outstanding dues of Rs. 1.77 crores is overstated to the tune of Rs. 1.77 crore due . The outstanding dues of Rs. 1.77 crores mainly to non provision against bad & doubtful debts relates to the audited Cost of Generation claimed as the same has not been accepted by the by OHPC and the respective years of OERC rate CSPDCL. (paid by CSPDCL). This is purely on provisional basis. In a meeting dtd. 28.10.2014 at CSPDCL office, it is provisionally agreed by both OHPC & CSPDCL that OHPC shall file application before Hon'ble OERC for fixation of tariff for sale of energy to CSPDCL from the FY 2006-07 to 2014-15 which is under process. The final revised bill shall be raised only after fixation of final tariff by OERC and any difference found thereafter shall be reversed in the year of raising final invoice in favour of CSPDCL. So provision of Bad & doubt full debt at present is not required. 6. Sundry Debtors on account of receivable from The reconciliation of Rs. 11.94 crores between GRIDCO is overstated & Profit & loss account GRIDCO & OHPC is under process, the affect of is overstated to the tune of Rs. 11.94 crore due which shall be given during the FY 2015-16. to non provision against bad & doubtful debts as the same has not been accepted by the GRIDCO even if final reconciliation has been completed till the financial year 2014-15. B. EMPHASIS OF MATTER 1. Other Long Term Liabilities includes of Rs. 17.71 Detailed analysis & reconciliation of the liabilities crore as detailed below is unmoved since long outstanding since long are under process through in- & also subject to reconciliation & confirmations house / professional agencies and shall be accounted and the impact of which arising out of such for after such liabilities are identified. The total process reconciliation has not been ascertained. is expected to be completed by 31st March, 2016.

39 Name of Head of Account Amount the Unit (Rs. in Crores) BHEP Creditor for Raw 0.12 materials Other Payable 4.03 HHEP Employee Liabilities 0.50 Liabilities for provision 4.10 of Guarantee Commission UIHEP Retention Money 3.75 Creditor for supply of materials 0.25 SD from Contractor & suppliers 2.24 CHEP Sundry Creditor for supply of 1.99 materials Sundry Creditor for works 0.24 UKHEP Liabilities for Others 0.49 Total 17.71

2. Other Current Liabilities includes of Rs. 9.93 UIHEP, Khatiguda has already appointed a firm of crore as detailed below is unmoved since long Chartered Accountants vide Order No. 386 dtd. & also subject to reconciliations & confirmations 04.05.2013 for analysis & reconciliation of current and the impact of which arising out of such liabilities outstanding since long. The same shall be reconciliation has not been ascertained. accounted for after reconciliation. However, this is Name of Head of Account Amount expected to be completed by 31.03.2016. the Unit (Rs. in Crores) UIHEP Liability to others 8.95 Provision for others 0.98 Total 9.93

3. Long term advances to the tune of Rs. 7.15 crore Reconciliation of details of the loans and advances is unmoved since long & also subject to outstanding since long is under process and shall reconciliations & conformations and the impact be appropriately accounted for after due of which arising out of such reconciliation has reconciliation. not been ascertained.

For G R C & Associates For and On behalf of Chartered Accountants the Board of Directors

CA. P M Dash S C MAHAPATRA, IAS Partner Chairman-cum-Managing Director M. No. 069682 DIN:-00229586 Place : Bhubaneswar Date : 25.09.2015

40 Annexure to Director’s Report

REPLIES OF THE MANAGEMENT ON THE OBSERVATIONS OF SECRETARIAL AUDITOR

Sl No. Observations of the Secretarial Auditor Replies of the management 1. The Company has not appointed women OHPC is a State Government Company and power Director as on 31st March 2015. to appoint Directors vests with Governor of Odisha ( acting through Deptt. of Energy). The Company or its Board is not vested with any powers in the matter and Department of Energy notified the appointment of Mrs Saveeta Mohanty as Woman Director in the Board of OHPC w.e.f. 14.07.2015.

2. The Company has not filed MR 1 for OHPC is a wholly owned State Govt. undertaking appointment of Managing Director during the under the administrative Control of Deptt. of Energy. period of review. The present Principal Secretary to Govt. Deptt. of Energy has also been appointed as Chairman-cum- Managing Director of OHPC since 1st September,2014. The tenure of Appointment of CMD has not been fixed by the Govt. in the notification. In the prescribed e-Form MR-1, "Tenure of Appointment is Mandatory". As such while filling the Form, the MCA -21 portal system did not accept the e-Form MR-1 during the time of upload without Tenure of Appointment. The same was intimated to ROC on 04.07.2015 .

For and On behalf of the Board of Directors.

S C MAHAPATRA, IAS Place : Bhubaneswar Chairman-cum-Managing Director Date : 25.09.2015 DIN:-00229586

41 SAROJ PANDA & CO Saroj K.Panda, M Com. LLB, FCS 2nd Floor, Biswal Commercial Complex COMPANY SECRETARIES Cuttack Road, Bhubaneswar - 751006 Ph No. 0674-2314500 E-mail : [email protected]

Annexure to Director’s Report Form No. MR-3. SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2015 [Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, The Members, ODISHA HYDRO POWER CORPORATION LIMITED (CIN NO. U40101OR1995SGC003963) VANI VIHAR CHHAK, JANPATH BHOI NAGAR Bhubaneswar - 751022

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by ODISHA HYDRO POWER CORPORATION LIMITED (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March 2015 ("Audit Report") complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance- mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2015 according to the provisions of : (i) The Companies Act, 2013 (the Act) and the rules made thereunder; (ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under; (Not Applicable to the Company during the Audit Period). (iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under; (Not Applicable to the Company during the Audit Period).

42 (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (Not Applicable to the Company during the Audit Period). (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):- (Not Applicable to the Company during the Audit Period). (a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not Applicable to the Company during the Audit Period). (b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; ( Not Applicable to the Company during the Audit Period). (c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009; (Not Applicable to the Company duringthe Audit Period) (d) The Securities and Exchange Board of India ( Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines, 1999; (Not Applicable to the Company during the Audit Period). (e) The Securities and Exchange Board of India (Issue and Listing of DebtSecurities) Regulations, 2008; (Not Applicable to the Company during the Audit Period). (f) The Securities and Exchange Board of India (Registrars to and Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; (Not Applicable to the Company during the AuditPeriod). (g) The Securities and Exchange Board of India (Delisting of Equity Shares)Regulations, 2009; (Not Applicable to the Company during the Audit Period). (h) The Securities and Exchange Board of India ( Buyback of Securities)Regulations, 1998; (Not Applicable to the Company during the AuditPeriod). (vi) Other laws as may be applicable specifically to the company: 1. Indian Electricity Act, 2003 2. Environmental (Protection) Act, 1986 3. Income Tax Act, 1961 4. Wealth Tax Act, 1948 5. Service Tax Act, 1994 6. The Orissa Entry Tax Act, 1999 7. The Central Sales Tax Act, 1956 8. The Orissa Value Added Tax Act, 2004 9. The Indian Stamp Act, 1889 and 10. Right to Information Act, 2005

43 11. The Industrial and Labour Laws consisting of a) Contract Labour (Regulation and Abolition) Act, 1970 b) The Minimum Wages Act, 1948 c) Payment of Wages Act, 1936 d) Maternity Benefit Act, 1961 e) Sexual Harassment of Women at work places (prevention, Prohibition and Redressal) Act,2013 f) The Orissa Shop and Establishment Act, 1956 g) Employees Provident Fund and Misc. Prov. Act, 1952 h) Payment of Gratuity Act, 1972 i) The Employees State Insurance Corporation Act, 1948 j) The payment of Bonus Act, 1965 k) The Industrial Dispute Act, 1947 We have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards issued by The Institute of Company Secretaries of India- Since Secretarial Standard under the Companies Act 2013 is yet to be notified hence notapplicable to the Company during the audit period. (ii) The Listing Agreements entered into by the Company with Stock Exchange(s), ; (NotApplicable to the Company during the Audit Period) We further report that The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non- Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. The Company has not appointed women Director as on 31st March 2015. Further the Company has not filed MR 1 for appointment of Managing Director during the period of review. Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be. We further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

44 We further report that during the audit period: (i) a. The Company has issued 19,00,00,000 Equity shares of Rs 1000/- each, during the year under the provisions of Section 62 of the Companies Act 2013 on 10.06.2014. (ii) a. The Company has invested Rs 42,89,00,000 in the shares of Green Energy Development Corp. of Odisha (Subsidiary company) by way of subscribing of 4,28,900 Equity shares of Rs 1000/- each for cash at par. b. Further the Company has invested Rs 10,00,00,000 in the equity shares of ODISHA THERMAL POWER CORPORATION LTD by way of subscribing of 1,00,000 Equity shares of Rs 1000/- each for cash at par. c. Further the Company has invested Rs 2,45,000 in the equity shares of ODISHA COAL AND POWER LTD by way of subscribing of 24,500 Equity Shares of Rs 10/- each for cash at par.

Place : Bhubaneswar Signature : CS SAROJ KUMAR PANDA Date : 13.07.2015 Name of Company Secretary in practice/Firm : SAROJ PANDA & CO FCS No. F 5071 C P No.: 3699

45 G R C & ASSOCIATES N-6/432 1st Floor, IRC Village, Nayapalli, Bhubaneswar-15 CHARTERED ACCOUNTANTS Tel. : +91674-2362263, Fax: +91-674-2362265 Cell : 9437113710, 9437064902, 9777999902 Email : [email protected]

INDEPENDENT AUDITORS' REPORT

To The Members, Odisha Hydro Power Corporation Limited, Bhubaneswar.

REPORT ON FINANCIAL STATEMENTS We have audited the accompanying standalone financial statements of Odisha Hydro Power Corporation Limited, which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information in which the financial statements of the units audited by the unit Auditors are incorporated.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

46 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

BASIS OF QUALIFIED OPINION a) Interest receivable from GRIDCO & profit for the year are understated to the tune of Rs.35.12 crore due to non-accounting of the interest receivable from GRIDCO on 8% Debt Securitization of GRIDCO dues amounting to Rs.619 crore. b) The company has not ascertained deferred Tax Liability/deferred Tax Assets during the year and no provision has been made for deferred Tax Liability / deferred Tax Assets in accordance with AS - 22 ( Accounting for Taxation) issued by The Institute of Chartered Accountants of India. c) Short Term Provision is understated & Accumulated Profit is overstated to the extent of non provision of liabilities on account of pension fund & leave encashment fund (figures not ascertained) relating to deputed employees. d) The Company has not ascertained the provision required to be made on account of impairment of fixed assets as per Accounting Standard - 28 issued by ICAI even though the company is having the clear case of impaired assets i.e CWIP of Potteru Project amounting to Rs.23.03 crore, Sindol Project amounting to Rs.0.29 crore & Building WIP including office & staff quarter amounting to Rs.0.34 crore. e) Sundry Debtors on account of receivable from CSPDCL is overstated & Profit & loss account is overstated to the tune of Rs.1.77 crore due to non provision against bad & doubtful debts as the same has not been accepted by the CSPDCL. f) Sundry Debtors on account of receivable from GRIDCO is overstated & Profit & loss account is overstated to the tune of Rs.11.94 crore due to non provision against bad & doubtful debts as the same has not been accepted by the GRIDCO even if final reconciliation has been completed till the financial year 2014-15.

47 statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, i) In Case of Balance Sheet, of the state of affairs of the Company as at March 31, 2015, ii) In case of Profit & Loss Account, of its profit for the year ended on that date, and iii) In case of Cash Flow Statement, of its cash flows for the year ended on that date

EMPHASIS OF MATTER We draw attention to : a) Other Long Term Liabilities includes of Rs17.71 crore as detailed below is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. Name of the Unit Head of Account Amount (Rs in Crores) BHEP Creditor for Raw materials 0.12 Other Payable 4.03 HHEP Employee Liabilities 0.50 Liabilities for provision of 4.10 Guarantee Commission UIHEP Retention Money 3.75 Creditor for Raw materials 0.25 SD from Contractor & Suppliers 2.24 CHEP Sundry Creditor Raw Materials 1.99 Sundry Creditor for works 0.24 UKHEP Liabilities for Others 0.49 Total 17.71

b) Other Current Liabilities includes of Rs. 9.93 Crore as detailed below is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. Name of the Unit Head of Account Amount (Rs in Crores) UIHEP Liability to others 8.95 Provision for others 0.98 Total 9.93

c) Long term advances to the tune of Rs.7.15 crore is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. Our opinion is not qualified / modified in respect of this matters above.

48 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give in the Annexure -I, a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143(3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; e) On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164 (2) of the Act. f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: (i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred to in Note 42 to the financial statements. (ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts. (iii) The company has no amount required to be transferred to the Investor Education and Protection Fund as on 31.03.2015 3. As per the direction under Section 143(5), we report that : (i) As per the information & explanation given to us, the company has not been selected for disinvestment. (ii) As per the information & explanation given to us , the company has no case of waiver/write off of debits/loans/interest during the financial year 2014-15 .However the Board of Directors of the company taken in principle decision not to charge the delay payment surcharge on receivable from GRIDCO up to 31.03.2014 since GRIDCO has agreed for securitization of the entire undisputed dues which shall be recovered within 120 monthly installments including interest in lieu delay payment surcharge. (iii) As per the information & explanation given to us , the company has no inventories with parties and also not received as gift from Government or other Authorities. (iv) As reported to us ,the report on age wise analysis of pending legal/arbitration cases is annexed herewith as per annexure-II. As per information & explained to us, the reasons of pendency of the legal cases are concerned, in

49 most of the cases, the SLPs/ writ/ counter & plaint/ written statement have been filed before the Hon'ble Supreme Court of India / High Court of Orissa and different lower Courts respectively. The said matter being listed / will be listed in due course of time fixed / to be fixed by the Hon'ble Supreme Court of India / High Court of Orissa/ Different Lower Courts in which OHPC has no control. As per information & explained to us, the existence / effectiveness of monitoring mechanism for expenditure in all legal cases are concerned, the company used to assign the Court cases to its empanelled Advocate(s) / Sr.Advocate(s) for which the Advocates / Sr.Advocates are being paid by company as per duly approved fee structure.

4. As per the sector specific direction under Section 143(5) of the Companies Act 2013, we report that : Power Sector Sl No. Particulars Our Comments 1. Adequacy of steps to prevent encroachment of In our opinion & to the best of our information, the idle land owned by Company may be examined. assets including land under the units has been In case land of the Company is encroached, transferred by the Government of Odisha under under litigation, not put to use or declared transfer scheme to OHPC on 1st April 1996 vide surplus, details may be provided. Gazete notification No SRO No- 254/96 where the areas of land transferred to OHPC has not been quantified & registered in favour of company. In absence of the quantification & title deed in favour of the company it is not possible for us to form an opinion for adequacy of steps to prevent encroachment of idle land owned by Company and also to provide the details of land of the company under encroachment, litigation, not put to use or declared surplus. In case of Corporate office, 4.78 acres of land at Chandrasekharpur, Bhubaneswar has been allotted at cost of Rs.14.34 crore by GA Department of Govt. of Odisha to OHPC. GA Department is yet to handover the land to OHPC encroachment free. 2. Where land acquisition is involved in setting up As explained to us, the company is not involved in new projects , report whether settlement of dues land acquisitions for setting up new projects. done expeditiously and a transparent manner in all cases. The cases of deviation may please be detailed. 3. Whether the Company has an effective system Yes, the Company has an effective system for for recovery of revenue as per contractual terms recovery of revenue as per contractual terms and and the revenue is properly accounted for in the the revenue is properly accounted for in the books

50 books of accounts in compliance with the of accounts in compliance with the applicable applicable Accounting Standards? Accounting Standards except the claims on account of compensation for loss of energy from various industries has not been accounted for as the matter is under subjudice before Hon'ble Orissa High Court. 4. How much cost has been incurred on abandoned To the best of our information & explanation given projects and out of this how much cost has been to us no projects have been abandoned during written off? course of our audit.

Generation Sl No. Particulars Our Comments 1. In the cases of Thermal Power Projects, Not Applicable as the Company is generating power compliance of the various Pollution Control Acts through Hydro Power Project and the impact thereof including utilization and disposal of ash and the policy of the company in this regards, may be checked and commented upon.

2. Has the company entered into revenue sharing Not Applicable agreements with private parties for extraction of coal at pitheads and it adequately protects the financial interest of the company? 3. Does the company have a project system for Not Applicable reconciliation of quantity/quality coal ordered and received and whether grade of coal moisture and demurrage etc. are properly recorded in the books of accounts? 4. How much share of free power was due to the As explained to us, the Company is not supplying state government and whether the same any free power from its existing Power Stations to calculated as per the agreed terms and depicted the Sate Government, so there is no free power in the accounts as per accepted accounting due to Government of Odisha. norms? In the case of hydroelectric projects the water As explained to us, the policy/guidelines for water discharge is as per policy/guidelines issued by discharge from the reservoirs of OHPC power the state Government to maintain biodiversity. stations for different months in a year for generation For not maintaining it penalty paid/payable may of power is decided in the Co-ordination be reported. Committees Meeting held between Department of Energy, Department of Water Resources, OHPC,

51 OPTCL, GRIDCO and SLDC keeping in view the availability of water in the reservoirs and irrigation department. However the actual generation from power stations is regulated and monitored by SLDC as per the grid requirement. Further, it is explained to us that the penalty has not been imposed/paid by the company during the year under audit for not maintaining the policy/guidelines for water discharge issued by the State Government to maintain biodiversity.

For G R C & Associates Chartered Accountants (Firm Registration No-002437S)

CA. P M Dash Partner M. No. 069682 Bhubaneswar The 30th day of July 2015

52 ANNEXURE- I TO INDEPENDENT AUDITOR'S REPORT Referred to paragraph 1 of our report of even date

I. In respect of its fixed assets : a) The unit has maintained proper records showing full particulars including quantitative details and situation of fixed Assets as per unit auditor's report. b) As explained to us, and the information collected from the unit auditor's report that fixed assets have been physically verified by the management during the year & frequency of physical verification is reasonable having regards to the size of the Company and in our opinion and according to the information and explanations provided to us, no material discrepancies were noticed on such verification. II. In respect of its inventories : a) No inventories at corporate level. As per unit auditors' report, the management at unit level at regular intervals during the year has physically verified inventories. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c) The company has maintained proper records of inventories. As explained to us, the material discrepancies noticed by the stock auditor are dealt within the accounts. III. In respect of loans, secured or unsecured, the company has neither granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the companies Act,2013. Hence the provision of clauses (a) & (b) of the order are not applicable. IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of power and services further it needs to be strengthened. V. In our opinion, as per information and explanation given to us, the Company has not accepted any deposits hence the relevant provisions of the Companies Act and the rules framed there under not applicable VI. As per information and explanation given to us and according to the unit Auditors Report, maintenance of cost records has been prescribed by the Central Government under section (1) of section 148 of the Companies Act 2013 and such accounts and records have been made and maintained but in case of Upper Indravati are under preparation. VII. (a) As per information and explanation given to us and based on the Unit Auditors Report, the Corporation has been regular in depositing undisputed Statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added

53 tax, cess and any other statutory dues during the year with appropriate authorities. As per information and explanation given to us and based on the Unit Auditors Report, there are no outstanding statutory dues as on 31st March 2015 for the period of more than six months from the date they became payble. (b) As per information and explanation given to us and based on the Unit Auditors Report, there are no amounts payables in respect of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of dispute, except in cases of UIHEP Mukhiguda. Name of Unit Nature of Dues Disputed Amount Forum where disputed is Pending UIHEP, Mukhiguda Sales Tax Rs.20, 90,646.00 High Court, Odisha UIHEP, Mukhiguda EPF Rs.10,93,274.00 High Court, Odisha (c) The company has no dues required to be transferred to the Investor Education and Protection Fund as on 31.03.2015 VIII. The Company does not have accumulated losses as at 31.3.2015.and has not incurred any cash loss during the financial year covered by our audit or in the immediately preceding financial year. IX. As per information and explanation given to us and based on the Unit Auditors' Report, the company has not defaulted in repayment of dues to financial institutions and banks. X. As explained to us the company has given guarantee for Rs.25 Crores in favour of Baitarani West Coal Company Ltd. by pledging fixed deposit with Punjab & Sind Bank, Ashok Nagrar, Bhubaneswar and Rs.6 crore in favour of GEDCOL(100% Subsidiary Company) by pledging fixed deposit with Axis Bank, Basua Ghai , Bhubaneswar . The terms & conditions thereof are not prejudicial to the interest of the company. XI. As explained to us the company has not raised term loans during the year, therefore, clause 3 (xi) of the companies (Auditors' Report) Order, 2015 is not applicable to the company. XII. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year , that causes the financial statements to be materially misstated.

For G R C & Associates Chartered Accountants (Firm Registration No-002437S)

CA. P. M. Dash Bhubaneswar Partner The 30th day of July 2015 M. No. 069682

54 Hearing Hearing Hearing esent Status the case. pending. Hearing pending. pending. 16.04.96. Hearing pending. pending. 03.11.04. 03.11.04. 03.11.04. 14.04.96. Hearing 14.04.96. Advocate Pr Orissa Orissa Orissa Jeypore High CourtHigh B. K. Das,on Filed Counter of Orissa of of Orissa & Others of & Others of & Others Das, P.D.Court High B.K. Nayak, Counter Filed on rs. OSEB & of Orissa Pradhan & OthersCourt, Labour Samantaray,K. B. dealing is Unit Samal, P.D.Vrs.Samal, Court High Sahoo, A.K. Counter Filed on OSEB & Others of Others Vrs. State Others Vrs. rs. Executive Engineer,Balimela Mohanta Moharana,Others. High Court A.K. Sahoo, Counter Filed. Bhagwan Khemundi Govinda Barad Vrs.Barad Govinda Court High Sahoo, A.K. Counter Filed on Abhimanyu SahuAbhimanyu Court High Sahoo, A.K. Counter Filed on Parties to the Case Court muster Orisa place ANNEXURE - II and promotion. Claiming for P. K. roll and retrenched on 01.11.1988. Claiming for place of Rs.265-380/- was not in the of Rs.265-380/- Claiming for regularisation. He & of Rs.265-380/- Claiming forof Rs.265-380/- Claiming for L. R. place of Rs.265-380/- Claiming for Claiming for C. G. Subject/Brief ype of Case of Payscalepay higher V Higher Scale Higher Scale of Payin Rs.290-470 P.D.V appointment of Payin Rs.290-470 Higher Scale Higher Scale of Payplacein Rs.290-470 OSEB Higher Scale of Payplacein Rs.290-470 Vrs. Higher Scale of Payin Rs.290-470 OSEB 69 65 84 360 142 Balimela Balimela Balimela Re- Balimela Balimela Balimela Balimela Number of Cases e Unit T DETAILS OF PENDING LEGAL/ARBITRATION CASES AS ON 31/03/2015 CASES LEGAL/ARBITRATION PENDING OF DETAILS 31/03/2015 Age Total NO. 17/96 Case No Age of th STATEMENT OF AGE WISE ANALYSIS OF PENDING LEGAL/ARBITRATION CASES AS ON 31/03/2015 CASES LEGAL/ARBITRATION PENDING OF ANALYSIS WISE AGE OF STATEMENT 1 to 5 Years 1 to 5 6 to 10 Years 6 to 10 11 to 15 Years to 15 11 More than 16 Years More than 16 7 ID MISC. CASEYears 19 6 OJC NO.703/96Years 19 5 OJC NO.1697/96Years 19 3. OJC NO.9458/95Years 20 4 OJC NO.9459/95Years 20 2 OJC NO.9456/95Years 20 1 OJC NO.9454/95Years 20 No. Case as on History Total

55 r hearing. Hearing pending. Hearing pending workmen Compensation & Hearing pending Hearing pending. appointment subject to result of the writ petition. Hearing pending. Trinath Dasat Pending Orissa orkmen, Compensation & Dy. Labour& Dy. Commissioner, Dy.Labour Commissioner. Commissioner Jeypore & High Court B. K. Patnaik, Counter Filed in thers OHPC & anotherOrissa of Pending 18.12.06. Sahoo & P. K. JenaSahoo & P. Court High B.K. Nayak,on Filed Counter amala Moharana rs. P.O.L.C,Jeypore &rs. P.O.L.C,Jeypore Orissa of 31.07.96. on rs. C.S,OHPC forfor Commissioner EE,Gen. Divn. & OthersCourt High Others. B.K. Nayak, Misc. Case Filed Arjun Chandra Nayak &Court High CMD,another Vrs. Acharya, P. Orissa of Counter Filed on . 23.07.05. BHEP,Balimela of Others Vrs.Khilla Chandra Court High P K Rout, MD, OHPCVrs. on Filed Counter Orissa of Interim 09.04.08. Dhaneswar Patnaik Vrs.Patnaik Dhaneswar Court High B. K. Patnaik,on Filed Counter for Jeypore & O after CMD, OHPC Ltd. &Orissa of 1999. year the .O.L.C, P.O.L.C, others Vrs. of Orissa the year 1999. service book laiming for Scale of Management challenged theaward of Labour Court,Jeypore in ID Misc. Case V No.100/94 for payment of pension to O.K.Ahmed,Retd. Claiming for Higher the pay scale inSkilled-B category in place of Skilled-C OHPC Ltd. & Others. Rs.1.00 lakh Challenges against the Bhagaban Khemundi re-employment as per Section-25 -H of Jeypore seeking Chargeman. Claiming forcompensation of Smt.T & Othersretrenchment. W ID Act. Correction of date Md. Hafiz SGM Vrs. (El),Court High A. N. Routray,Filed. Counter Category. resolution dtd.11.09.79to erstwhile OSEB. fo Seeking for Pension & Terminal Dues Terminal Higher Scale appointment award of P Compensation Higher Scale C Recruitment Recruitment of ITI Iswar appointment employment Balimela Balimela Balimela Re- Balimela Balimela Service Balimela Balimela Balimela Re- NO.8531/04 of Pay scale of pay i.e. fixing NO.1359/03 Benefits birth in NO.11/99 workmens V NO.3497/06NO.6549/07& Misc. CaseNo.6184/07 Pay of pay in pursuance to CMD, personnel as per the Govt. notification. & others Order that any 8 OJC NO.8020/96Years 19 13. WP(C) Years 11 11 OJC NO.2462/99Years 16 9 WC CASE 16 Years 12. WP(C) 12 Years 14. WP(C)15. WP(C) 9 Years 8 Years 10 OJC NO.2445/99Years 16

56 Stay vacated. Hearing pending filed. Hearing Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Stay vacated. Hearing pending Counter filed. Hearing pending. .Nanda Advocate pending. B.K.Pattnaik B.K.Pattnaik Orissa Commission, Disputes State Consumer Disputes Commission, Cuttack. State Consumer Cuttack High Court D.P & Others) rs. OHPC Ltd. of Orissa (El.), UKHEP of OHPC & Others of Orissa cretary, DoE & otherscretary, of Orissa &Others Sr. Sri Tapas Kumar BeheraTapas Sri High Court N. K. Mohanty,filed. Counter OHPC Vrs. Purna Chandra Sahoo High Court Office of Counter to be & others OHPC Vrs. (Sri Rakhal Chandra .e.f. Director(HRD), Vrs. of Orissa 10.05.13. Act. Redressal Act. Redressal per OCS in place CMD,OHPC & Others of Orissa 15.02.11. UKHEP occupied by petitioner w.e.f RTI RTI information under Pramod Kumar Sahoo residential building of of EPS. Claiming for exemption of ServiceBond Amount Vrs. APS1st for Claiming (Sri Prasanna Ku. Dash01.09.1988 &Court High 28.01.2004 respectively. B.K. Nayak, OHPC Ltd. Claiming for Counter filed on DresserClaiming for & Others) 06.07.97 to 07.11.97. residential building of UKHEP occupied by petitioner w.e.f 06.07.97 to 07.11.97. Protection of pay inregular establishmentVrs.Swain M. K. & 11.11.98 Se i.e. w.e.f. subsequent financial benefits. Court High Patnaik,K. B. Filed. Counter information under Pramod Kumar Sahoo RTI RTI Claiming for Claiming for Pension & Claim for Pension asVrs.Das Balaram High Court N. K. Mishra, Counter filed on Disputes Money Claim Consumer Contract/ Allowances / of House Waiving Benefits K. Patnaik P. Vrs. Rent of the High CourtHigher Scale C.E. of Pay N. K. Mohanty, Counter Filed. Disputes Consumer Balimela Balimela Balimela Service Balimela Balimela Bariniput Balimela Balimela Service Years Bariniput NO.15629/08 Dues Terminal NO.576/2011 NO.20744/2014 Tender Matter award of contract.Orissa Vrs.Stateof of OrissaR.K.Rath, Sri NO.25920/2011 Benefitsw APS 2nd & NO.18973/2013 Benefits appointment inV Samal 16. WP(C) 7 Years 17 WP(C)18. WP(C) 4 Years 19. 4 Years CC No.21/2013Years 2 22. WP(C) 1 Year 23. OJC NO.17613/97Years 18 24. OJC NO.14718/98 17 20. CC No.22/2013Years 2 21. WP(C) 2 Years

57 Hearing pending. Hearing pending. Hearing pending Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. B.K. Nayak,Filed. Counter Orissa Orissa of Orissa High CourtHigh Nanda, D. P. on filed Counter OHPC of Orissa OHPC Ltd. of Odisha & Others of Orissa 05.09.2013. Niranjan Sahu rs. OHPC Ltd.& Others rs. State of Odishars. State of Orissa 05.09.2013. rs. GM(Ele),UKHEP of Others Vrs. OHPC Ltd.Vrs. Others Orissa of R.K.Rath, Sri Prafulla Chandra Bilas High Court (Khillo Gunaya Vrs.Gunaya (Khillo Court High N. K. Mohanty,Filed. Counter Manager, P & C DivisionCourt High Nanda, D. P. Appeal Filed. UnionUKPP Workers Court High B. C. Bastia,Filed. Counter & Others Sri P.K.Dwibedy &Sri P.K.Dwibedy High Courtof Office Counter filed. work order inorder work State of Orissa & Others) of Orissa Service V laim for IACPEDVrs. Sri R.C.Choudhury High Court Nanda, D. P. Counter filed on The petitioner, Ex-NMR of thisproject filed this corRe-appointment in the & others CMD, Vrs. post of NMR & thereafter in the post favour of the petitioner for painting of penstock The petitioner filedthis case for a R. K. Jena & othersCourt High Vrs. CMD, B.K. Nayak,Filed. Counter claiming forClaiming for issuance V management for consideration of their case for the pst of Clerk-B simultaneously with of work charged. challenging award passed by POITWorkers UKP GS, Vrs. Orissa of others. at UKHE Project Claiming for IACPED Sri regularisation of their Services against theadvertisement. & OthersAdvocate Sr. Service appointment Money Claim The petitioner is Sri Smturi Sagar Mohanty High CourtCivil /Contract N. K. Mohanty, Counter Filed. Regularisation Official Regularisation Higher Scale Higher Scale C Regularisation Claiming for Bariniput Promotion Bariniput Bariniput ears Bariniput Re- Years Bariniput Years Bariniput Years Bariniput Years Bariniput Years Bariniput & M.C.NO.26315/11 Matter Tender of of exemption NO. 5653 /01& MCTS NO.151/01 claim NO.32791/2011 NO.19950/2011 Union Bond Amount. & Others NO. 12432/01NO. direction to the OHPC & Others & MC of Service NO. 143/01 & of NO.29831/11 of PayPayof Scale V NO.31572/11 of PayPayof scale of State NO.9841/12 of 25. OJC NO.10617/98Y 17 27. OJC NO.12204/01Years 14 29. WP(C)30. 4 Years WP(C) 4 Years 26. OJC NO. 5356/01 14 28. MISC.CASE 14 31. WP(C) 4 32. WP(C) 4 33. WP(C) 4

58 Hearing pending. Pending for hearing. Hearing pending. 06.12.93. to be filed by Sri Nayak indicating the stand of OHPC of Labour Court 12.07.2000. Hearing pending. Hearing pending. Hearing pending. Hearing pending. stayed. K.Rath, be filed Sikhdar, Sikhdar, Sikhdar, Court,Advocate, Local Status not known of OrissaR. Sri High CourtHigh Rakhi Smt. CourtHigh Counter Filed on B.K. Nayak, Counter Filed on Sambalpur of Orissa hers Labour Ltd.& of Orissa 13.04.99. & othersOrissa of Mishra Vrs. Mishra Vrs. OHPCCourt High Rakhi Smt. Counter Filed on rs. OHPC Ltd. Pangi Krishna & High Court Office of Counter to Bhagabat Behera Others. place Hydro Usha Rani Mishra Dr. BBSR OAT, B.K. Nayak,Filed. Counter the Gopal RoutVrs. OHPC Court High Nanda, P. D. on Filed Appeal appointment R. Dinakar CMD,Vrs. High Court B.K. Nayak, Counter Filed. appointment underVrs. Santosh Ku. Das Court High B. K. Patnaik,on Filed Counter Scheme of OSEB CMD, OHPC get the higher scalehigher the get M. K. Jena & 18 ot Challenge the OSEB / Vrs. Rangila Rai 30% Orissa quota inAdvocate Sr. absorption againstabsorption OHPC Ltd., Vrs. 3 Other Allowance.under Rehabilitation OHPC Ltd. V Asst. Scheme of of 60 years in by Bihar LicensingBoard. Additional counter MHEP. Claiming for of 58 years instead of Skilled C & others erstwhile OSEB amount. Service Matter Sri Bidyadhar Parida High Court Smt. Rakhi Counter Filed. Claiming fordifferential arrear A. T. Scale To Service Regularisation Claiming for Pension &Pension Dues Terminal & arrear pension dues get 2 years pension To & others GRIDCOVrs. N. Patnaik Court High B.K. Nayak,in Filed Counter of Orissa 2001. Benefits OSEB & Others Vrs. of Orissa Benefits Rehabilitation For Assistance Benefits retirement at the ageChiplimaEOD, EE, Vrs. Benefits of Orissa Sup. Certificate issued OHPC Ltd. of Orissa 15.04.94. Service Service To Rehabilitation For Assistance RA Compensation get To Service Claiming for Service Service Benefits Burla Burla Burla Burla Burla Burla Burla Burla Burla Higher Burla Year Bariniput No.9146/2014 of NO.12/99 NO.410/09) (FAO compensation of OrissaOrder 09.09.09. CASE NO.77/97CASE of Pay of pay in skilled BBurla EOD, EE., Vrs. 34. WP(C) 1 38. OJC NO.8219/96Years 19 42. OJC NO.11828/99Years 16 35. OJC NO.5015/93Years 12 36. OJC NO.65/94Years 21 40. OJC NO.14577/98Years 17 43. WC CASE 16 Years 41. CP NO.470/98Years 17 37. OJC NO.3016/94Years 21 39. ID MISCYears 18 44. OJC NO.14881/99Years 16

59 12.07.2000. Hearing pending. for hearing. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Filed. Criminal review November,2001. Hearing pending. Filed. Hearing pending. Hearing pending. e, Written Statement Sikhdar, Local Advocat . Division), Orissa of Orissa Sambalpur Filed. Pending Sambalpur SDJM, of Orissa CMD, Court High B. K. Das,Filed Counter OHPC &Orissa of 22.10.07. & Others (Sr OHPC Ltd. & Pati Vrs. Pati OHPCVrs. Court High Rakhi Smt. Counter Filed on e Vrs. Prafulla Kumar Vrs. e apan Ku. Das Vrs. CMD,Vrs. apan Ku. Das Court High Acharya, P. Filed Counter Others. & Others) Sri A. K. Kundu Vrs.A. K. Kundu Sri Court High B.K. Nayak, EOD, Chiplima OHPC Ltd. & others others Karmachari Sangha Vrs.Karmachari Sangha of Molla Chhuria Vrs.Chhuria Molla Court High B. K. Das,Filed. Counter TNe A. K. filed against GR of 96 D. Chhuria & Manager, of Orissa cadre OHPC Ltd. & Others.Orissa of 21.06.01. on of late James Bisi & Others laiming for K. C. rade Test of Test rade judgement of SDJM,of judgement Gouda & others Sri G. of Orissa petition has been differential arrear Retrial benefitsRetrial Balaram MD,Rath Vrs. High Court B.K. Nayak, Counter filed on Johnstone amount. Road,HPS, Burla with GRIDCO workcharged period in service. Relating to accidental Stat recruited during 1998 Dept.the Challenging Hira Jala Bidyut UtpadanCourt High B.K. Nayak,BurlaFinancial benefit forbeen has Counter the period of NMRVrs. Sri jugal Kishore Pal 01.04.97 w.e.f. High Court CMD, OHPC Ltd. Sanjay Patnaik, Orissa of Counter has been among the AM (EL)AM the among OHPC Ltd. & other of Orissa16.04.08. on For payment ofCMD, Vrs. Sahoo B. Court High Mishra,K. N. on Filed Counter employees of HPS, CMD, Challenged the ontract of Black Topping Vrs. Ashok Kumar Dist Judge D. K. Sahay,Filed. Counter Scale Service Benefits Service C Service Claim Tender MatterTender channel Power Promotion CMD,OHPC Fixation of seniority S. N. Vrs. Padhee &Pension DuesTerminal computing the Fixation of pension P. K. MohapatraMotor Vrs. OHPCCourt High N. K. Mishra, of OrissaFiled Counter on 09.05.03. Service claim in the claim Promotion Fixation of seniority T of Pay different pay at par Rehabilitation Assistance No. TA Burla Burla Official Challenging the Burla Burla Civil /C Burla Burla Burla Burla Burla Regularisation Burla Burla Higher Burla ears CC NO.82/02 NO.671/01) NO.2190/05 Benefits DGM (HRD), No.859/02CASE NO.2(C) Accident death NO.8844/07NO.15193/2008 Benefits T of NO.12691/2000 REVISIONNO.499/03(ARISING OUTOF GR CASE Kundu passed in by Sri SBL No.671/01 Case GR No.671/01. Case NO.16760/06 45. OJC NO.14882/99Years 16 52. CRIMINAL Y 14 53. WP(C) 10 Years 46. T.S.NO.104/2000 15 Years 47. OJC 15 Years 50. OJC NO.6629/01Years 14 51. GR CaseYears 13 55. WP(C)56. 8 Years WP(C) 7 Years 54. WP(C) 9 Years 49. OJC NO.3018/01Years 14 48. S.A. NO.416/01Years 14

60 ounter filed. against award of Labour Court, Stay Sambalpur. continuing in favour of SLP filed. SLP filed. SLP filed. SLP filed. 18.01.2010. Hearing pending. Counter alongwith Management K.Rath, be filed .Nanda .Nanda, .Nanda, .Nanda, .Nanda, C.B.Prasad C.B.Prasad C.B.Prasad R.K.Rath D.P. Nanda, D.P. Niranjan Kar,Niranjan Status not known B.K.Nayak C Advocate Nanda, D.P. Advocate Niranjan Kar, Written statement Court D.P Orissa India R.K.Khanna Civil judge Sambalpur Sambalpur of OrissaR. Sri Civil judge Panigrahi of ira Generation, High OHPC Vrs. Rabindra Vrs. OHPC GardiaCourt High P K Rout/filed Appeal of OHPC Vrs. N.PattnaikOHPC Vrs. Court Supreme D.P OHPC Vrs.Court Supreme of Orissa &Others D.P Advocate/ Sr. OHPC Vrs. A.Jogeya OHPC Vrs. Supreme Court D.P Sadei JenaVrs. OHPC Supreme Court D.P Rangila Rai Vrs. StateVrs. Rangila Rai High Court OHPC Ltd. & Others Orissa & Others. Transmission &Transmission ofState Union Vrs. Orissa of vacation of stay 18.02.2013. State of Orissa &OthersAdvocate/ Sr. Hydro Bipra perly. CMD, Company Vrs. Divn.) (Sr. ork order properlyEngineering M.K.S M/s. llowancellowancellowance & & & egularisation of Service. Claiming for Medical Claiming for Medical amount towards ACP amount towards Challenging the Order Court of OrissaClaiming for Medical C.B.Prasad & work order notEngineering MKS M/s. The petitioners are tonot claiming recover the excess of Odisha & Others of Orissa Challenging the H recruitment of TNEemployees distribution Workerson filed not executed Company Vrs. CMD, Divn.) (Sr. filed on fits Allowance & Hydrofits Allowance & India of R.K.Khanna fits Allowance & HydroIndia of R.K.Khanna ariff matter ariff waterof Payment Action Ispat Power Ltd.,Court High of Office filed. Counter ariff matter ariff Payment of water&Powers Bhusan Court High of Office Counter to Service R Service Service Service Service Benefits of the Hon'ble HighIndia of R.K.Khanna Civil/Contract Service Recruitment Civil/Contract W Burla Burla Burla Burla T Burla Burla Burla Burla Burla Burla T Burla NO.19853/2010(ARISING OUT OF ID CASE NO.8/2009) Benefits No.22431/2014 to OHPC cess/Tax State Vrs. Delhi New of OrissaR.K.Rath, Sri No.11953/2014No.12496/2014No.12523/2014 A A A (SLP(SLP Bene Bene (SLP Bene NO.5/2010NO.4595/2012 Matter Tender pro executed Benefits NO.21155/2012 advertisement of No.22523/2014 to OHPC cess/Tax Vrs. Delhi Ltd.,New Steel NO.04/2010 Matter Tender 57. WP(C) 5 Years 64. OA No.22369/14Year 1 65. OA No.22370/14Year 1 66. WP(C )Year 1 62. SLP No.7270/2014Year 1 63. OA No.22368/14Year 1 59. CIVIL SUITYears 5 61. WP(C) 3 Years 60. WP(C) 3 Years 67. WP(C )Year 1 58. CIVIL SUITYears 5

61 pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Counter to be filed ate/ K.Rath, be filed .Nanda, R.K.Rath, be filed R.K.Rath,filed be D.P. Nanda, D.P. D.P. Nanda, D.P. Advocate Office of Counter to Advocate Nanda, D.P. Advocate Orissa Orissa Orissa Orissa Advocate of OrissaR. Sri of Orissa High CourtHigh B. K. Patnaik,Filed. Counter High Court D.P rs. High Court A.K. Sahoo, Counter Filed. td. Hearing rs. CMD, of rs. Stateof of Orissa Sri rs. State of rs. State OHPC L rs. Stateof Odishars. Stateof of Orissa Sri Mishra Vrs. StateMishra Vrs. Court High B. K. Patnaik,Filed. Counter Orissa & others of rs. MSTC & Others of nLand Engineers V nLand Engineers &Others Advoc Sr. Dhruba Ch. Sahu Vrs.Sahu Ch. Dhruba BBSR OAT, B. C. Bastia,Filed. Counter OHPC Ltd. of & Others OSEB Engineering Odisha & OthersAdvocate/ Sr. M/s.SMC PowerCourt High M/s.Sesa Sterlite Energy High Court& Othersof Office Counter to Advocate/ Sr. the contract I direct the opposite Pramod Ku. MohapatraCourt High Nanda, P. D. Filed. Counter declare the section quash Annexure-4quash Sarat Ch. Mohanty &Court High Patnaik,K. B. Filed. Counter laiming for B. P. appointment of materials post of P.A. CMD, constitution parties to appoint theof State Vrs. others & petitioners while filing Orissa & others up the vacancies. Orissa of Philips India change in servicecondition & implement Orissa & others the RAS 1992 to others V employees of the erstwhile OSEB OERA 1995 as ultravirus to the OHPC Ltd. & others 23,24 & 25 of the Association V Claiming for energy Claiming for energy unserviceable V ariff matter ariff Payment of waterLtd.Industries Hindalco Court High of Office Counter to ariff matter ariff matter ariff Recruitment Not to fill up the Rehabilitation To Assistance Civil/Contract quash To MatterTender to awarded Rehabilitation To Assistance Recruitment C of Service Regularisation To Scarp matterScarp Return of scarpElectricals M/s.Gaurav Burla T Corporate Corporate Corporate Corporate Corporate Corporate Burla T Burla T Burla No.24659/2015 to OHPC cess/Tax Orissa of State Vrs. No.23373/2014No.24658/2014No.22554/2014 compensation Generation V compensation Ltd. V 68. WP(C )Year 1 72. OA NO.1959/96Years 19 74. OJC NO.2863/98Years 17 75. OJC NO.15529/98Years 17 76. OJC NO.17570/98Years 17 77. OJC NO.11313/99Years 16 73. OJC NO.507/97Years 18 69. WP(C )Year 70. 1 WP(C )Year 71. 1 WP(C )Year 1

62 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Nanda, Counter Filed. Acharya,Filed. Counter Cuttack D. P. Orissa Orissa Orissa High CourtHigh N. K. Mishra,Filed. Counter Others of Orissa OHPC of Orissa rs. State State of Orissa of ath Bose & BBSR OAT, B. K. Patnaik, Counter Filed. Mohanty Vrs. High Court B.K. Nayak, Counter Filed. nda Seth & 5 othersCourt High P K Rout,Filed. Counter of Orissa & others of Orissa others Vrs. CMD,others Vrs. Orissa of L.K. Panigrahi & others High Court N. K. Mohanty, Counter Filed. GRIDCO & othersVrs.Narasingh Behera of High Court P. Vrs. state of Orissa & Vrs. GRIDCO PowerEngineers Association of Court High B. K. Patnaik,OHPC Ltd. & Others Filed. Counter Subrat Ku. Senapati &Court High OHPC Ltd. & Others Patnaik, Sanjay Filed. Counter Vrs.CMD,OHPC Ltd. of Orissa Vrs.Sudam Kumar Panda OAT, others Bibekananda Sahu & pension stay Jagann quash the OATOAT, Vrs. Patel Narahari Court High Patnaik,K. B. Filed. Counter quash Govt.Vrs. & others State BBSR OAT, B. K. Patnaik,Filed. Counter punishment imposed recruitment of Asst.recruitment of CMD, Vrs. notification Pravakar Patnaik GRIDCO Gradation List State of Orissa & Challenging the Appointment K. H. on Sri Narahari Patel Honble Supreme Court. Claim for Allowance Regarding scale of Engineers (El)Mgr selection list of GET(El) (year-2006) & others Ltd. & others Regarding implementation of theV 9 others notificationimpuged dtd.20.08.98 of Orissa & others regarding implementation of order dtd.19.02.97 of For grant of so called Service Service Official To Regularisation Challenging the Official To Terminal Dues Terminal claim Promotion Recruitment Pension & DuesTerminal Govt. Higher Scale of PayPension & pay Stipendiary Pension claim from 9 Rajendra Ch. Das Vrs. High Court B.K. Nayak, Counter Filed. Regularisation Chellenging the Arabi Pension & Official To Benefits arrear Hydro 7 others Vrs.CMD, of Orissa Service Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate 16 Years NO.11322/99 Govt. order of & MC order dtd.17.03.99 && BBSR NO.10043/06 of & 89/99 NO.6685/05 Director (HRD) State NO.14841/06NO.2430(C)/2008 of Dues Terminal Pension Matter State of Orissa & Others MP NO.912,913 78. OJC NO.12327/99Years 16 87. WP(C) 9 Years 80. OA NO.1520/2000Years 15 85. WP(C) NO.9707/0510Years 86. WP(C) CASEYears 10 79. 81. OJC NO.6917/01Years 14 83. OJC NO.13437/01Years 14 84. WP(C) NO.2386/0213Years 88. WP(C)89. OA 9 Years 7 Years 82. OJC NO.13280/01Years 14

63 Filed. Hearing pending. Hearing pending. Counter to be Filed. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. been filed. Not Engaged, B.K. Nayak, Counter filed on Orissa Hearing pending. T, BBSR T, Orissa of Orissa of A.Ppending. Hearing High Court B.K. Nayak,filed. Counter C Ltd.Orissa of 19.07.2012. ita Parhi Vrs.Court High B.K. Nayak, Counter Filed on Bansidhar Das & High CourtPatnaik, Sanjay Counter Filed. Others Others Vrs. OPTCL Others Vrs. rs. OHPC of rs.CMD, OHPC Ltd.Orissa of rs. CMD, OHPC Ltd.Orissa of Chintamani Jal Vrs.Chintamani Jal OA State of Orissa Vrs.Nayak Amaresh Sri High Court B.K. Nayak, Counter filed. Others Sri Parthasarathi MohantyCourt High Rout,K P Filed. Counter & Others AhmedAli Fakiruddin Court High & Others P K Rout,& Others) Filed. Counter Orissa & Others Sri Jagadish Ch. Sahoo High Court Bond CMD,OHPC Ltd. &of pension CMD,OHPC Vrs. Orissa of 23.03.2012. within a plementation ofplementation M/s. Orissa PowerCourt High Rao,Rama Y Filed. Counter Service. laim for Promotion Madhab Barik High Court B.K. Nayak, Counter Filed. laiming for laiming for laiming for pension at OrissaGovt. rate stipulated period to State of Orissa & othersquash the order of Orissa dtd.30.11.07 of Regulraisation SGM-cum-CS, OHPC. Amount. Renovation,Modernisation &uprating ofMachhkund (JT.)Pradesh Andhra of State Vrs. Consortium Ltd. Hydro Electric honour Scheme. To Others & the referred MoU & State of Orissa executed by the petitioner promotion. V Bond Amount. & on 30.01.2011. electricity tariff. Satpathy State Vrs. of of Orissa promotion. V claiming forexemption of Service CMD, OHP Ms. Sasm and pensionarybenefits in full fromthe date of his Others & Intervention petition has also superannuation onsumer Increase in Sri Ramesh Chandra Pension & release on To T.I. Vrs. Raghav Rao V. G. High Court Acharya, P. Counter to be Service claim V Benefits of Money Claim C Promotion C Service C Disputes Service C Allowances / Claiming for benefits Sri Money Claim Pension &Pension The petitioner claim to Corporate Corporate Corporate Corporate Corporate Construction Im Corporate Corporate Corporate Corporate C Corporate Corporate 5 Years NO.6022/08 Dues Terminal OA NO.1432/10 NO.14420/2008 NO.21850/10 exemption of NO.15172/10 Benefits NO.29850/10 work NO.15173/10NO.11678/2011 Benefits NO.23242/10NO.4940/2011 BenefitsACP. under 8 NO.27436/2011Dues Terminal his release 90. WP(C) 7 Years 92. 93. WP(C) 5 Years 91. WP(C) 7 Years 94. WP(C) 5 Years 95. WP(C) 5 Years 96. WP(C)97. WP(C) 5 Years 98. WP(C) 5 Years 99. WP(C) 4 Years 4 Years 100. WP(C) 4 Years

64 filed filed filed ounter filed. ounter filed ounter filed Counter to Counter to Hearing pending. Hearing pending. Hearing pending Hearing pending. Hearing pending. .Nanda C .Nanda D.P.Nanda D.Mohanty Plaint D.P.Nanda C D.Mohanty Plaint D.P.Nanda C D.Mohanty Plaint Orissa (Sr. Divn.), (Sr. Divn.),BBSR Civil Judge Divn.),BBSR High CourtHigh B. K. Das,on Filed Counter of Orissa Civil Judge(Sr. of Orissa BBSR Civil Judge (Sr. rs. of OrissaFinal 04.05.2012. y High Court D.P Others & Others rs. Statecourt High Vrs. of Vrs. State of State Vrs. & Others rs. State of Odishars. State of Orissafiled. be rs. State of Odisha &rs. State of Orissafiled. be OHPC Ltd. Vrs.Tushar OHPC Ltd. OHPC Ltd. Vrs. OHPC Ltd. Saidarshan Panigrahi & Sri Sisir Kumar Das & High Court B. K. Das, Counter filed . BWCCL(OHPC) Vrs.BWCCL(OHPC) Court High A.G D.P.Nanda, State of Odisha & Others of Orissa filed. Writ Ranjan Swain & OHPC Engineering Sri Sumit Shankar Kundu High Court N. K. Mohanty, Counter to Others Sri Khagendranath Padhi High Court D.P Vrs.Sri Kora Madala State of Odisha & Others of Orissa High Court Binaya Vrs. OHPC Ltd. Sri E.Ram Prasad Vrs.Sri E.Ram Prasad High Court Union of India & Others Others towards ACP Civil Engineers,V Association Service laiming for laiming for laiming for laiming for The petitioners are the withheld gratuity amount claiming for theirdifferential pensionary & Others V promotion to the postOthers 21 promotion Claiming for award of M/s. Shakti Securit Challenging recruitment specification No.OHPC-Tech-C&P- Another & promotion of Asst. Manager(El.). OHPC Ltd. The petitioners are Sukanta Kumar Sahoo &recover the excess High Court Odisha & Others B.K. Nayak,Promotion etc. Counter filed. State of Odisha Amount. benefits. 13/2013 fits fits ender Matter contract vide tender OHPC Agency Ltd.Vrs. of Orissa Pension &Pension Issue of NDC by G.A.V K.C.Sahoo claim Promotion C Coal matterof De-allocation Contract/ Money Claim For recovery of Promotion claim of Money Claim C Higher Scale Pensionary Service C Money Claim For recovery of Service C Money Claim For recovery of Corporate Corporate Corporate OfficeOfficeCorporate Bene Coal Block Corporate Corporate Office T Corporate Office Bene Corporate Corporate Corporate Corporate Corporate Corporate NO.1605/2013No.21472/2014Amount. Bond Dues Terminal Deptt. and to release of Orissa & OthersOdisha of filed. be NO.2758/2012 Benefits NO.29994/2011 NO.19095/2011 amount M.C.No.6176/2013 No.4011/2013 No.9317/2013 NO.1604/2013NO.1606/2013 Bond Amount Satpathy Bond Amount. NO.4732/2012 No.11088/2013 NO.5302/2012 exemption of Bond V M.C. No.4187/2013 & NO.31778/2011 &NO.31778/2011 of Paytonot claiming Others 10 113. WP(C) 1 Year 101. WP(C) 4 Years 107. WP(C) 2 Years 109. WP(C) 2 Years 111. MONEY SUITYears 2 103. WP(C) 3 Years 104. WP(C) 3 Years 102. WP(C) 4 Years 105. WP(C)106. 3 Years WP(C) 2 Years 110. MONEY SUITYears 2 108. WP(C) 2 Years 112. MONEY SUITYears 2

65 pending. filed filed Objection to Hearing pending. Preliminary Hearing pending. Misc. case may be filed to drop the case. Reminder to hearing. 18.12.03. 20.03.03. Hearing pending. Counter to be filed Counter to Hearing pending. be sent. e, Counter Filed. as, Counter Filed on Mohanty, Counter Filed. .Nanda .Nanda B.K.Nayak Local Advocat B.K.Nayak Sr. Advocate Sr. Cuttack B. K. D BBSR B. K. Patnaik,Filed. Counter court D.P court D.P Cuttack B. K. Das, Orissa Orissa be . Divn., Pending for of Orissa MACT, Malkangiri Hearing High Court of Civil Judge, N. K. & otherson Reminder Vrs.State High ofOdisha of Odisha rs. State ofrs. State Addl. 12.10.98. Mohapatra & 6 OAT, Debata & 24 othersCourt High B. K. Das,Filed. Counter tate of Orissa & Secretary,DoE &Secretary,DoE SBL be ssa & otherson filed Counter Suresh Kumar Vrs.Kumar Suresh Court High B. K. Das,on Filed Counter others State of Orissa & Others of Orissa 05.07.91. S.S.Gill Vrs. State State S.S.Gill Vrs. Orissa & Others Sr State & others & Others Others Director(HRD),Vrs. of Sri S S.Gill Vrs. StateVrs. Sri S S.Gill High Court N. K. Mohanty, Counter Filed. Rama Ch. Panda Vrs.Rama Ch. Panda State of Orissa OAT, egularisation ofVrs. Balaram Pradhan OAT, laiming for laiming for M. K. employees Vrs. Identified as Ex-HDP Sri Santosh Kumar Singh Labour Court, claim case of construction workof service Vrs. S of service Nowrangpur dtd.18.02.2013. Contractors claim against civil establishment Accidentcompensation claim service State Vrs. Sri B.Nag regularisation ofservice others V Ori Regarding quarterorderthe Sri Sachidananda Patel OHPC Ltd. & Others Contractors regularisation of matter Energy compensationSwain M.A.Kharavela High Service Service enefits ivil / Contract ariff ariff Pension & Release of leave Basudev Jena Vrs.State High court Office of Counter filed. Service Tender Matter Tender of Service of Service Compensation of Service service under regular Pension & Release of leave Basudev Jena Corporate Khatiguda Regularisation R Khatiguda Regularisation Regularisation N. K. Khatiguda C Khatiguda Civil / Khatiguda Khatiguda Regularisation C Khatiguda Regularisation C Corporate Corporate T Khatiguda Regularisation Regularisation K. No.14141/2014 Dues Terminal encashment amount of Odisha&Others of Odisha Sri R.K.Rath, No.1/88(SC)/768 B No.24480/2014 Dues Terminal encashment amount of Odisha&Others of OdishaNO.163/91 Counter filed. Matter Tender NO.417/86 Contract NO.2595 (C) /94 of No.9126/2010 Vrs.State No.14155/2013 Tender Matter allotment and quash NO.1261 (C) / 93 of 114. WP(C) 1 Year 123. OA NO.2292/92Years 23 117. Misc. Case Chiplima 120. OJC NO.3464/90Years 25 122. APPEAL FIRST Years 24 119. MONEY SUITYears 29 124. MJC NO.42/92Years 125. 23 OA126. OA 22 Years 21 Years 116. WP(C) 1 Year 118. WP(C) 2 Years Chiplima Contract/ 115. WP(C) 5 Years 121. OJC NO.237/91Years 24

66 Hearing pending. Hearing pending. Hearing Pending. Hearing pending. Hearing pending. Hearing pending. Pending.Reminder to be sent. Das, Counter Filed. Das, Counter Filed on Das, Counter Filed on Rout, Counter Filed. Lazmikant Panda Petition filed. Lazmikant Panda Petition filed. Lazmikant Panda Petition filed. Lazmikant Panda Petition filed. Lazmikant Panda Petition filed. Trinath Das Cuttack P K , CuttackK. B. , CuttackK. B. T, CuttackT, K. B. Orissa Jeypore Court Joypure Court Joypure Court Joypure Court Joypure Court Joypure Civil Judge Civil Judge Civil Judge Civil Judge Civil Judge rs. State of rs. State rs. State ofrs. State Hearing 30.11.95. eacher, Sri Sukdeveacher, Court High N. K. Mohanty,on Filed Counter ssa & others Orissa & others of tate Vrs. Sri C.S.Rao, Sri Vrs. tate C.S.Rao, Sri Vrs. tate C.S.Rao, Sri Vrs. tate C.S.Rao, Sri Vrs. tate C.S.Rao, Sri Vrs. tate Trilochan Gotan & 4 OAT Sri R.C. Bhoi vrs StateCourt High N. K. Mohanty,Filed. Counter State & others State & OthersEx-E.E(Mech) 30.09.96. Ex-E.E(Mech) Ex-E.E(Mech) Ex-E.E(Mech) Ex-E.E(Mech) Sri Dhruba Ch. Parida vrs High Court Nanda, D. P. Counter Filed on Ltd. & Others Ramesh Ch. Pani & 6 OAT Sri B. C. Pradhan vrs OA OHPC Vrs.NPCCCourt, Civil Ganapati Singh Vrs.Ganapati Singh OAT, work. Matter moved payment of equal State & Others of Orissa 17.03.01. laiming for laiming for claiming for claiming for regularisation of of regularisation of service claiming for Release MCT T of serviceof Orissa & others service. Regularization of service andreinstatement pay for equal Misappropriation ofGovt. money by S Sri C.S.Rao Misappropriation ofGovt. money by S Sri C.S.Rao Misappropriation ofGovt. money by S Sri C.S.Rao Misappropriation ofGovt. money by S Sri C.S.Rao Misappropriation of Hearing pending. Govt. money by S Sri C.S.Rao Quash the retirementVrs.Pradhan Uchhaba order and allow him to State & others continue in service. BBSR OAT, Bastia,C. B. Filed. Counter Regularisation of service regularisation ofservice others V Ori claiming for Service regularisation others V Service Service Service of Service Tender MatterTender arbitration to Service BenefitsOthers & Ltd of salary Mallick Vrs CMD,OHPC of Orissa 25.08.06. Money Claim Money Claim Money Claim Money Claim Money Claim of Service Civil/Contract Works of Service & Khatiguda Regularisation Khatiguda Regularisation Khatiguda Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Regularisation Khatiguda Khatiguda Regularisation Khatiguda Regularisation Years NO.2593 (C) / 94 of MP NO. 627/95 of NO.1893(C) / 95 of NO.2594 (C) /94 of 127. OA 21 Years 130. OJC NO.3489 / 95Years 20 133. OJC NO.9338 / 96Years 19 128. OA 21 Years 131. OA132. M.S.No.35/94 20 Years 21 135. EP NO.40/96Years 19 136. EP NO.41/96Years 19 137. EP NO.42/96Years 19 138. EP NO.43/96Years 19 139. EP NO.44/96Years 19 140. OA NO. 803/97Years 18 134. OJC NO.6660 / 96Years 19 129. OA NO.355 (C)95Years 20

67 27.05.06. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Bastia, Counter Filed on B.K. Nayak,Filed. Counter B.K. Nayak,filed. Objection Cuttack B. C. of Orissa & of Orissa hoo Vrs.hoo BBSR OAT, B. C. Bastia,filed. Counter rs. Cuttack OAT, MohapatraCourt High N. K. Mohanty,filed. Counter others OHPC of Orissa Rajiv Lochan Pal OAT, Kunju Vrs. E.E. PHVrs. Kunju Court High N. K. Mishra,filed. Counter rs, State & othersrs, State of Orissa 07.08.2001. rs. CMD, OHPC Ltd.Orissa of 17.12.98. Divn.,Mukhiguda of Orissa State & others Niranjan Das Vrs. P.O.Vrs. Niranjan Das Court High B.K. Nayak,filed. Counter Labour Court & others Sri Debendra Khora VrsSri Debendra Khora CMD,OHPC Ltd. & High CourtOthers (2nd Party) B.K. Nayak,Orissa of Smt. Krishna Sahu Counter Filed. High Court B.K. Nayak, Counter Filed on also Counter Addl. 01/03 on filed others (Public Litigation PWC sent & Others case) on Sri Sanjay Kumar Rout High Court B.K. Nayak, Counter filed on Anantram Das andSri another vrs State High Court N. K. Mishra, of Orissa Counter Filed on 26.05.2000. Sandhya Rani MohapatraCourt High Ramesh Ch. Bhoi Vrs.Ramesh Ch. Bhoi State & others High Court B. K. Das, of Orissa Counter filed by CMO on 10.08.98. regular tion. vrs Chief Secretary Suprabha State & service. V ppointment of Jr.V M. K. D Rao egularisation of laiming for laiming for laiming of P. Clerk against a petitioner for non-compliance of order in Claiming promotionClaiming Rabindra Ku. Sa promotion service as NMR Vrs. salary in promotionalOrissaof State Vrs 19.08.98. submitted by him. of service. loss in flood 1991. & Others Claiming for arrear Sri post Claim for in service Regularisation of her inTeacher the UPSchool of UIHEP OA No.2730/98) pending. Hearing Claim for investigation Manas Ranjan Singh for bond amount of service Regularisation Service Benefits Rs.3,00,000/- for his Matter Promotion C Promotion claim of Smt. claim of Service claim Allowances / C Promotion of Service regularisation of Service service as Asst.Contempt V A Service of Service of of Service of Khatiguda Khatiguda Khatiguda Regularisation Regularisation Khatiguda Khatiguda Khatiguda Regularisation Khatiguda Regularisation Khatiguda Khatiguda Regularisation Regularisation Khatiguda Khatiguda Regularisation R Khatiguda Regularisation C (ARISING OUT OF ORDER INNO.2730/98)OA Contempt vacancy.( Petition filed by NO.981 ( C) / 98 NO.11476 / 97 Benefits on corrup 141. OJC NO. 4356/97Years 18 142. OA NO.2063/97Years 18 143. OJC NO.6380 / 97Years 18 147. OJC NO.1168/98Years 17 148. OA149. OJC NO.6595 / 98Years 17 17 Years 150. OJC NO.12972/99Years 16 151. IP NO.68(C)/99Years 16 152. OJC NO.9070 / 99Years 16 144. OJC145. OJC NO.2982/98Years 18 Years 17 146. OJC NO.285/98Years 17

68 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Counter Filed on Counter Filed on Hearing pending. Hearing pending. Hearing pending. Hearing pending. for hearing. for hearing. Das, Counter Filed on Patnaik, Counter Filed. Rout, Counter Filed. Cuttack P K Rout, Cuttack P K Rout, Cuttack B. K. Cuttack P K CuttackK. B. Orissa 16.01.2000. of Orissa High CourtHigh of Orissa N. K. Mohanty,Filed. Counter & Others & others rs. CMD,Court High Nanda, D. P. on Filed Counter Baitharu & 28 OAT, of Orissa Orissa & others Orissa & others rs. CMD,OHPC Ltd. &Orissa of 27.06.03. MD, OHPC of Goutam Das V Goutam Das Others (2nd Party) Sri B. K. Das vrs StateCourt High B.K. Nayak,Filed. Counter Smt. Kumudini Patnaik High Court B. K. Patnaik, Counter Filed on State others Vrs. Sri Ranjit Naik vrs State BBSR OAT, P Sri Pramod Mohanty vrsK Rout, OAT, Counter Filed. Sri Bhaskar Ch. Rout vrs OAT, Govinda Ch. Das Vrs.Govinda Ch. Das State & others BBSR OAT, B. K. Das,Filed. Counter Sri Karunakar Singh vrs OAT, State of Orissa & othersPending 20.06.04. Gouri Hari Mohapatra vrs OAT, State of Orissa & othersPending 28.01.04. OJC Moharana vrs State stay the recovery Sri Jagannath Panda vrs High Court D. Nanda,P. Counter Filed on service sappropriation money laiming for bond egularisation of laiming for entire Govt. serviceGovt. entire State & Others of Orissa Contract caseAlli Khan vrs Sri Iqbal High Court Govt Advocate, Counter Filed on regularisation of service of No.12341/97) & others by him. period for pension service as Jeep Driver. fits consequential benefit & others Service of Service Service of Service V Service of Service Service of Service Benefits amount submitted OHPC Ltd. & OtherOrissa of 06.05.01. ContemptMatter To the of Allowances / C Pension & regularize the To Sri Hadu Vrs.Gouda High Court Govt Advocate, Counter Filed. Civil/Contract Terminal Dues Terminal of Service of Service of Service of of Service State Service C Pension & Pensionary benefits & Sri CS Baitharu vrs State BBSR OAT, B. K. Patnaik, Counter Filed. Civil/Contract Claim case. (Arising Surendra Kumar Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation R Khatiguda Khatiguda Regularisation Regularisation A. K. Khatiguda Khatiguda Regularisation Regularisation Khatiguda Khatiguda Regularisation Regularisation ears NO.539 (C) /02Y 13 99 Interim stay NO.8149/2000 Dues Terminal vacatedNO.13549 / 99NO.609/2000) Tender MatterMC NO.10802/2000 mi NO.7214 / 2000 State & others of OrissaNO.2480 (C) / 01 Bene 25.01.2000. of NO.10478/2000 & of NO.540 ( C) / 02service of service of State of Orissa & others 14.07.04. NO.538 ( C) / 02 of (ARISING OUT of OF OA NO.14964 / 99 Tender Matter out of NO.537 ( C) / 02 of 153. OJC NO.14297 /Years 16 158. OJC NO.319/2000Years 15 160. OJC 15 Years 157. OJC 15 Years 154. OJC 16 Years 163. OA NO.282 / 02Years 13 164. OA 13 Years 166. OA 13 Years 156. MP NO.995/2000Years 15 159. OJC161. 15 Years OA 14 Years 162. OA NO.197 / 02Years 13 155. OJC 16 Years 165. OA 167. OA 13 Years

69 Hearing pending. Hearing pending. hearing. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Mohanty, Counter Filed. Patnaik, Counter Filed on Hearing pending. Govt Advocate,Filed. Counter BBSR N. K. Mohanty,on Filed Counter BBSR N. K. Mohanty,Filed. Counter CuttackK. B. , CuttackK. N. Orissa Pending for of Orissa OAT, Cuttack OAT, & others a & others State others Vrs CMD, others Vrs Baitharu Vrs.Baitharu BBSR OAT, B. K. Patnaik,Filed Counter Laxman Behera vrs OAT, Orissa & others 30.01.04. Orissa & others. State of Orissa State of Oriss vrs State of Orissa & others State of Orissa & others 10.05.02. Sri Ram Ch. Sukri vrs BBSR OAT, P K Rout, Counter Filed. UIHEP, Mukhiguda. UIHEP, OHPC Ltd. & others Sri Abhiram MohapatraAbhiram Sri BBSR OAT, B. K. Das,Filed. Counter Sudesna Behera vrs State BBSR OAT, P K Rout, Counter Filed on Sri Santosh Kumar Pujari High Court B.K. Nayak, Counter Filed. Sri K.K.Singh Vrs. State Vrs. Sri K.K.Singh CCE(C) is the main party. All records have been transferred to CMO, Sri Minja Behera vrs BBSR OAT, P K Rout, Counter Filed. S.K. Nayak CMD,Vrs. Court High B.K. Nayak, Counter Filed on Balaram Pradhan vrs OAT, E.E.Muran Dam Divn.Court High N. K. Mishra,Filed. Counter OHPC Ltd. & othersOrissa of 25.06.03 State of Orissa & others 17.09.03. in others vrs Govt.Thakur & R. Smt. G. OAT rity of his junior. State & others on 03.11.03. orkmens uashing ofuashing MD, OHPCVrs. J. Panda Court High Nanda, P. D. Filed. Counter WC Case No.11/92 same station. Annexure - IV under suspension order of Challenging the C. S. compensation claimArising out ofcase. Dalu majhi & Vrs. another of Orissa Service of Service & 41 Service of Service Service of Service of Service of Service of Service of Serviceof Service of Service of Service of Service Hearing pending. of Service of Service Transfer of Violation of Service of Service of Compensation W of Service senio of Service of Service of Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Sri Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Khatiguda Regularisation Q Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation Khatiguda Regularisation Regularisation StateVrs Smt. Lata Biswal OAT, Khatiguda Regularisation Regularisation Khatiguda Khatiguda Regularisation NO.573(C) / 02continue & order NO.5144 / 03 of NO.5145 / 03 of NO.2816 (C ) / 02NO.253/2002 of 168. OA NO.332 / 02Years 13 169. OA NO.331 / 02Years 13 172. OA NO.352 / 02Years 13 179. WP(C) 12 Years 173. OA NO.438 / 02Years 13 176. OA177. OJC NO.5814/02Years 13 13 Years 178. OA NO.534(C)/02Years 13 171. OA NO.286 / 02Years 13 180. WP(C) 12 Years 170. OA NO.258 / 02Years 13 174. OA175. MISC. APPEALYears 13 13 Years 181. OA NO.585 / 03Years 12

70 pending. 10.05.04. Hearing pending. Hearing pending. Hearing pending. Plaint Filed. Hearing pending. filed. Hearing Hearing pending. Plaint Filed. Hearing pending. Hearing pending. Hearing pending. .Adv. pending. A.K. Sahoo, Appeal Filed. Court, Local Advocate, Counter Filed BBSR B. K. Patnaik,on Filed Counter Orissa 10.04.06. Jeypore on Court, Nowarangpur Civil JudgeAdvocate, Local Nowarangpur Cuttack Civil JudgeAdvocate, Local Redresal Commission, Disputes State Consumer Court MD, Hearing Vrs. Vrs. Jagannath Panda vrs MD,Court High OHPC & others Nanda, D. P. Filed Orissa of Counter 01.11.2003. on EE, S&M Division vrs Labour OHPC of State & Others 03.11.03. Braja Kishore Swain of Orissa Sri R.K.Rath, State & Others June,2005. Kumbhar M/s. X Security Services in Hearing pending. . Security Services as Hearing pending. leave withleave M. K. Durga Rao of Orissa quash theVrs.Biswal Lata BBSR OAT, Patnaik, Sanjay Counter Filed on property. service on Gobinda Chandra Sahoo ase No. 77/2003 ofShankar Vrs. UIHEP No.769/99 on GPF OHPC Ltd. & Others misappropriated money. dt. 15.04.03 posted OA No.769/99. Regarding terminatin premature retirement. in15.04.03 of OAT Employee Project interest. RecularisationOrissa of Vrs. Kamdev Samal OAT, 28.04.05. on regularisation in service.Sanction of CL &wages OHPC Vrs.Civil contract matter M/s DRILLCO Vrs.Court High High Court N. K. Mohanty, Acharya, P. Counter Filed on Counter Filed. Sr loss of property Compensation forStar Vrs. Dam EE,S&M Correction in date ofjoining and claim for OHPC Vrs.Court High Rout P.K. & Review petition Compensation for lossVrs. Dam EE,S&M Annexure-2 declaring the petitioner surplus. DCDRF,Nowrangpur Appeal against CD EE, S & M Division, Service of onsumer ermination Transfer REcovery of Pension &Pension praying for Sri Vrs.P.K.Mohanty BBSREPF / OAT, GPFclaim B. C. Bastia, quash order dtd. To Power& Irrigation Orissa Court High Filed Counter N. K. Mishra,Filed Counter Allowances / Civil/Contract of Service of Service Compensation Service Compensation Recruitment To Khatiguda Khatiguda Khatiguda T Khatiguda Khatiguda Regularisation Khatiguda Khatiguda Khatiguda Khatiguda C Khatiguda Khatiguda Khatiguda Disputes C NO.9042 / 03 LP NO. 69 / 03NO.12337/03 & MC NO.12021/03Dues Terminal orderof modification State of Orissa & Others. OA No.754/99 & Association 28.01.04. NO.12511/04NO.14727/04 Benefits annual Matter Tender NO.16 / 03 of NO.2793 / 04 Benefits NO.08/03 of NO.140/04 182. WP(C) 12 Years 183. RP NO.32 / 2003,Years 12 184. ID CASE185. WP(C)Years 12 186. 12 Years OA NO.586/03Years 12 191. WP(C)192. WP(C) 11Years 11Years 188. MC NO.14/03Years 12 189. CD APPEAL 11Years 190. WP(C) 11Years 187. MONEY SUITYears 12 193. OA NO.159/05Years 10

71 Hearing pending. Written statement 19.05.06. Pending Filed on 24.04.05. Hearing pending. 08.11.06. Hearing pending. Hearing pending. Hearing pending. Das, Counter Filed on Not Engaged, Sikhdar, R.K.Rath, Cuttack B. K. Orissa Orissa Dispute District RedresalForum, Nowrangpur for hearing. RedressalCommission, Hearing pending. Jeypore Disputes Cuttack Kumar, AreaKumar, of (JV) of Ravan (Aggeal Director(HRD), ovt. of orissa Vrs.ovt. of orissa Court High N. K. Mohanty, Appeal Filed. State of OrissaCourt High B.K. Nayak,Filed. Counter Podagada Dam Division.Dam Podagada Consumer Filed by Unit on against CD Case No.48/05) State of OrissaCourt High B.K. Nayak,GM,UIHEP,Mukhiguda Filed. Counter OHPC Ltd Raghunath Mahakud OAT, Service Head RaceAdvocate Sr. an Masonry THC.SS Contract matter G dues K. V. Govt. Money Appeal C.S. Rao Vrs. of Orissa Miscappropiation of dtd.11.08.2004 passed by Civil Judge, Jr. Division, Nawrangpur ID Act. & Govt. Money Appeal C. S. Rao Vrs. dtd.11.08.2004 passed by Civil Judge, Jr. Division, Nawrangpur of Orissa in E.P. No. 9/2000 in E.P. Miscappropiation of No. 10/2000 in E.P. Application under. Vrs. Das Manmohan Court, Labour Trinath Das, Written statement Suit No.14/03. Challenging the error Appeal against orderVrs.Divn. EE,S&M Court High B.K. Nayak,Filed. Counter (Sr.Divn.),Nowarangpur in Civil Officer, Star Security Appropriation of Govt.Money Judgement against claim EPF / GPFClaim EPF E.E Vrs. M.Sitamma Appropriation of Govt.Money Judgement against Service Benefits section 33 (c) 2 of EPF / GPFclaim Non-deposit ofVrs.Berhampur APFC, P.F. Consumer State Rakhi Smt. on Filed Counter Service Civil/Contract Civil Civil/Contract Judge MatterTender civil of M.Manoj Khatiguda Mis Khatiguda Khatiguda Mis Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda NO.4290 / 05 NO.37/06 Disposed of) NO.4291 /05 & MC NO.830/06 NO.1268 (C)/05 Benefits in Date of Birthothers& State Vrs. 09.11.06. (Arising out of& Dam ARBA NO.1/06 &ARBP NO. 240/06 Tunnel of UIHEP CRP No.20/09CRP Matter Tender of Mur 194. WP(C) 10 Years 201. CD CASEYears 9 195. WP(C) 10 Years 196. M.C. NO.41/05Years 10 199. NO.511/06 CDFA Years 9 197. OA 10 Years 200. ARBP No.43/09,Years 9 198. NO.272/05 RFA Years 10

72 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Das, Counter Filed. Nanda, Counter Filed. Nanda, Counter Filed. Nanda, Counter Filed on Rout, Counter Filed. Shibashish Mishra,Filed. Counter er Hearing pending. Cuttack B. K. T, CuttackT, P. D. Disputes Redressal Commission, DisputesRedresal Commission, of India Cuttack State Consumer P K of Orissa New Delhi Cuttack State Consumer D. P. Cuttack State Consumer D. P. Disputes Commission Redressal Redresal ConsumerCommission, Hearing pending. Disputes others Engineer,Court High Nanda, D. P. Filed. Counter Iswarama Consum & Others Vrs. National of Orissa & Gopa Vrs. APFC, Vrs. Gopa rs. State of Orissa &rs. State 20.04.09. CMD,OHPC Ltd. Maheswar Mallick Vrs.Maheswar Mallick OAT, Others Vrs. State ofOthers Vrs. of Orissa 20.05.09. & Others Others) Hearing pending. APFC, Khurda Vrs.Khurda APFC, State N. K. Mohanty,Filed. Counter E.E.Podagada Dam Sri Ramesh Chandra Patra OA passed in Ghasi Ganda & others Guarantee. Appeal No.380/00 DCDRF, D. Uma. M. Rao DCDRF, Berhampur APFC,Berhampur Muran Dam Division service V of Family pension Encashment ofEncashment Vrs.THCS S. (JV) M/s Supreme CourtMishra, Shibashish Filed. Counter claim & sanction Smt. G. Challenging the C.C. No. 27/07 Division,Khatiguda dtd. 24.02.2007. Against Order ofVrs. EE, S & M division Quashing of order Civil Judge, &Gill Kaur Daljeet Nowarangpur on High Court Orissa N. K. Mohanty, Counter Filed on dtd. 14.07.08 on penalAPFC,Berhampur Vrs. damage on EPF dorthe period from 11/90 to 02/97 of defunct Head Race Divn. Khatiguda filed case Misc. listing. for Challenging the order Challenging the order D. K. Against order of APFC, Berhampur Vrs. DCRF, NowrangpurDCRF, D. K. Gopa & another Nowrangpur in C.C. No. 63/07 Commission, Nowrangpur in Service Service in Civil/Contract claim Service Consumer Civil/Contract EPF / GPF Settlement of EPF RPFC EPF / GPF Appeal against order Executive claim of Consumer Disputes of Consumer Disputes of Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Regularisation Khatiguda Regularisation For re-engagement ears ears Khatiguda ears Khatiguda ears Khatiguda ears Khatiguda NO.17484/07 Matter Tender Bank SLP(C) 8Years NO.192/08 CD PETITION Disputes SCDRC NO.3189 (C)/07 Benefitsorder retrenchment State REVIEW 7 Y NO.5339/07 Matter Tender NO.13922/08 NO. 856/07 NO.141/08 (FA) NO.217/08NO.1654(C)/2008 of of 202. 205. OA 8Y 207. 206. WP(C) 8Y 203. R.P NO.1852/07 8Y 211. WP(C) 7 Years 204.APPEAL CD 1ST 8Y 208. APPEAL FIRST Years 7 209. APPEAL FIRST Years 7 210. OA 7 Years

73 Hearing pending. Counter Filed. Counter Filed. Counter Filed on Hearing pending. Hearing pending. Counter filed on filed on 22.09.11. Written statement Hearing pending. Hearing pending. Not Engaged, N.K.Mohanty Not Engaged, Shibashish Mishra,Filed. Counter P K Rout,on filed Counter Cuttack P K Rout, High CourtHigh P K Rout,on Filed Counter LOKPAL, MACT, Mathura ripathy Vrs.ripathy BBSR OAT, P K Rout,filed. Counter OCC Vrs.Court High Others Other rs. CMD,OHPC Ltd. &Orissa of rs. State of Odishars. State 08.04.2012. rs. State of Odishars. State 08.04.2012. Gorabindhani & Others of Orissa Dambarudhar AGarwal s High Court B.Dallaya,Rigger Vrs. Others Other OHPC Vrs. Padu Nayak & Others Others Sri Abhimanyu Nayak OAT, Cuttack par of Ltd. & Other of Orissa 09.02.09. to the 13 Others Vrs.CMD, of Orissa ing for Riggers ofRiggers OHPC Ltd. & OthersofRiggers Orissa of MD,OHPC Ltd. &Orissa of 09.02.09. 09.02.09. ularisation of Dispute over Sri Braja Kishore Rath & High Court B. K. Das,filed. Counter (Arising out of WC Compensation Claiming for GM, claim case V regularisation ofservice fromwrok-charged V Establishment to & Contractors Case No.16/93) Scale of Riggers at par N.Mani Vrs. MD,OHPC High CourtRengali Dam ProjectScale of Riggers at par P K Rout, MD, L.Armugam Vrs. Rengali Dam Project High CourtScale of Riggers at Counter Filed on P K Rout,Rengali Dam Project Counter Filed on Service OHPC.by colleges Praying for OHPC Ltd. & Others. modification of order Others dt. 15.04.03 posted in Vrs. CMD,OHPCOthers. & Ltd. of Orissa OA No.769/99. Sri Jashobanta Baral & 9 Hearing pending. High Court B. K. Das, Hearing pending. filed. Counter Regular Establishment. regularisation ofservice from V & wrok-charged Establishment to Regular Establishment. Service Service Compensation Benefits Reg Terminal Dues Terminal of pay State of Orissa & Others Civil/Contract Higher Scale Higher Scale Higher Scale Service Service Money Claim For higher scale Smt. Salila Kumari Das Pension & For higher scale Sri Bhaskar T Allowances / Re-appointment & Khatiguda Khatiguda Regularisation Claim Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Regularisation Claiming for Sri Radhamohan Saha OAT, Khatiguda Khatiguda NO.15514/08 Matter Tender NO.395(LY)(A)/10 of pay DGM(HRD) & Vrs. Bhubaneswar Unit. by 23.10.10 NO.4748(C)/2011 of NO.4747(C)/2011 of NO.13166/08NO.13167/2008 of Pay of PayRiggers with with NO.14604/10NO.14603/10 Benefits grant-in-aid Benefits NO.13168/08 of Pay with 212. NO.14/08 FAO Years 7 222. OA 4 Years 216. WP(C) 7 Years 213. WP(C)214. WP(C) 7 Years 215. WP(C) 7 Years 7 Years 218. WP(C)219. WP(C) 5 Years 220. CASE LOKPAL 5 Years Years 5 223. OA 4 Years 221. OA NO.31(B)/10Years 5 217. MCT NO.463/08Years 7

74 Counter filed on Hearing pending. Hearing pending. Hearing pending. Rout, Counter filed on Rout, Counter filed on Rout, Counter filed on Rout, Counter filed on . Advocate K Rout, Counter filed on Cuttack P K Rout, CuttackK P CuttackK P CuttackK P T, CuttackT, K P OAT, CuttackOAT, P sha & Others 08.04.2012. Odisha & Others 08.04.2012. Others Others) Others of OrissaR.K.Rath, Sri 24.09.2012. rs. State of Odishars. State 08.04.2012. rs. State of Odishars. State 08.04.2012. Sri N.Mani Vrs State of State Vrs Sri N.Mani OAT, Sri Debraj Jena Vrs. StateVrs. Sri Debraj Jena OA Sri Gobardhan Gouda OAT, Vrs.Sri Narasingh Baral State of Odisha & Others OAT, Sri Madhusudan Mishra OAT, Vrs. Sri Panchu Pradhan 08.04.2012. State of Odisha & Others Vrs.Sri P.K.Khuntia High CourtState Vrs. R.K.Buxi Sri of Office High Courtof Office 08.04.2012. Counter filed on Counter filed on State & Others of OrissaR.K.Rath, Sri 24.09.2012. laiming for laiming for laiming for laiming for laiming for laiming for laiming for laiming for regularisation of V Regular Establishment. Regular Establishment. Regular Establishment. Regular Establishment. Regular Establishment. Regular Establishment. in serviceAdvocate Sr. Hearing pending. regularisation ofservice fromwrok-charged Odi Establishment to Hearing pending. regularisation ofservice fromwrok-charged of Establishment to regularisation ofservice from V & regularisation of service fromwrok-charged Establishment to Hearing pending. regularisation of service fromwrok-charged Establishment to in service Hearing pending. Hearing pending. Sr wrok-charged Establishment to service fromwrok-charged Establishment to & Service Service Service Service Service Service Service regularisation Service regularisation & Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C Khatiguda Regularisation C NO.4744(C)/2011 of NO.4739(C)/2011No.4745(C)/2011 of NO.4741(C)/2011 of NO.4743(C)/2011 of NO.4740(C)/2011 of NO.30612/2011 of NO.30613/2011 of of 224. OA 4 Years 225. OA 4 Years 226. OA 4 Years 227. OA 4 Years 228. OA 4 Years 229. OA 4 Years 230. WP(C)231. WP(C) 4 Years 4 Years

75 ounter filed. Counter to th, February,2013. Patnaik, Counter filed Sri R.K.Ra B.C.Bastia Counter filed. B.C.Bastia Appeal filed M.K.Das B.C.Bastia Counter filed. Cuttack B. K. Cuttack P K Rout, C ,BBSR ,BBSR of Orissafiled. be of Orissa OAT,BBSR rs. Staters. High Courtof Office Counter filed on Rajanikanta Kanungo OAT, Odisha & Others19.06.12. on Others of OrissaR.K.Rath, Sri 24.09.2012. rs. State of Odisha rs. State rs. Chairman, Commissioner-cum- Sri Dhanurjay Durga Vrs. Sri Dhanurjay Durga High CourtCMD,OHPC Ltd. Office of Counter filed in Sri A.K.Mandhata Vrs.Sri High Courtof Office Counter filed on Sri Rajan Naik Vrs. StateVrs. Sri Rajan Naik OAT, Vrs.Sri Harekrushna Rout OAT & OthersSri Rabindra Kumar Patra OAT Advocate Sr. State & Others of OrissaR.K.Rath, Sri 24.09.2012. Sri Nepal Behera Vrs.Sri Nepal Behera High CourtVrs.Sri Minaketan Nag Office of High Courtof Office Counter filed on Counter filed on State & OthersState & Others of OrissaR.K.Rath, Sri of Orissa 24.09.2012. R.K.Rath, Sri 24.09.2012. payment M/s. Blessings Pvt. Ltd.Court High ing for ing for ing for ing foring for Sri D.Behera V Sri full from Water full from Waterto belongs Resources Deptt. isclaiming for State of Odisha Others & regularisation in of 230 nos. tubesand flapsEnterprises Small Micro Facilitation Council & employment financial benefitsClaiming for of full from Waterfull from & Others in servicein servicein servicein serviceRegular Establishment. Claiming for relief of Advocate Sr. Hearing pending. Advocate Sr. Hearing pending. Advocate Sr. Resources Deptt. Claiming for Hearing pending. Advocate Sr. Resources Deptt. Hearing pending. The petitioner whoVrs. Baral Arnapurna service. Claiming for regularisation ofservice fromwrok-charged V Establishment to & Others Service regularisation Service regularisation Service regularisation Service regularisation & Service enefits Terminal Dues Terminal pensionary benefits in State of Odisha & Othersof Service PWC supplied. Service Terminal Dues Terminal pensionary benefits inOdisha of State Vrs. Service Pension & Contract/ Claiming for Pension & Khatiguda Regularisation Claim Khatiguda Khatiguda Regularisation Claim Khatiguda Regularisation Claim Khatiguda Regularisation Claim Khatiguda Regularisation Claim Khatiguda Khatiguda Khatiguda Regularisation Khatiguda Khatiguda No.21336/2013 Matter Tender of interest for supply V No.23858/2012 B NO.443(C)/2012 Benefits NO.30614/2011 of NO.30615/2011NO.30616/2011 of of NO.30617/2011 of NO.15(C)/2012 of 232. WP(C) 4 Years 238. WP(C) 3 Years 233. WP(C)234. WP(C) 4 Years 235. WP(C) 4 Years 236. OA 4 Years 237. 3 Years OA 3 Years 240. OA No.230/2013Years 2 241. OA No.1907/2012Years 3 242. WP(C) 2 Years 239. OA No.229/2013Years 2

76 ter filed ppeal to be Filed ppeal to be Filed 21.01.2015. 21.01.2015. Preliminary Counter to Objection filed Counter to Rath, be filed .Pattnaik .Nanda Advocate B.K.Nayak A B.K.Nayak Coun Sri R.K. B.K.Nayak A B.K.Patnaik Counter to Court B.K ,Cuttack P.K.Rout ,Cuttack P.K.Rout T,BBSR Orissa Counter filed. ForumNabarangpur Consumer Forum be filed. her be filed E.E, State Others be filed Vrs. Vrs. Odisha & Ot Division,Khatiguda Consumer before the State S&M Division,S&M Consumer before the State E.E, S&M Division, High Court Nanda, D. P. Appeal filed. Stay Jeypore Jeypore Executive Engineer, of Kabisurjya Jena & of Orissa E.E, S&M Division,Khatiguda Vrs.ALC, High Court of Orissa Nanda, D. P. Appeal filed. Stay granted on Khatiguda StateN.Maniamma Vrs. OAT OHPCB.Nagarjuna Vrs. High Court APFC,Berhampur Vrs. High Mananta Bhusan BhoinsaCourt High of State &346 OthersVrs of Orissa Odisha &Othersof Office Counter to Sr. Vrs.Prabhakar Bisoyi State Khatiguda E.E.Podagada Dam Division Director of Industries, Odisha and Executive Engineer, S&M Division, Khatiguda APFC,Berhampur Vrs.Court High D.P E.E.S&M Divn. Dambarudhar Majhi Vrs.Dambarudhar Majhi OA State of Odisha & of Khatiguda Vrs.ALC, of Orissa granted on laiming for laiming for laiming for laiming for laiming for Smt.Labanya Dubey Vrs. OAT laiming for Claiming for house Rangi Gangna dtd.12.07.2011 of EPF Appellate Podagada Dam Division, Rehabilitation Claiming for payment Birupakhya Satpathy Vrs. ALC, Trinath Das Counter to Tribunal,New Delhi of service. Claiming for family benefits of Birth benefits w.e.f. Assistance after retirementClaiming for house retirement Forum Consumer Forum Challenging the award pensionary of State Service C Service claim claim Assistance Service C Service Service Service C EPF / GPF Claiming for PF Dues Rehabilitation C Service EPF / GPF Pension & C Terminal Dues Terminal of Service regularisation Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Regularisation C Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Year No.128/2013 Benefits rent allowance S&M No.53/2013 Benefits rent allowance after E.E, No.1106/2015 Benefits disbursement P.G.Case No.4/08P.G.Case No.5/08P.G.Case amount gratuity amount gratuity No.11324/2013 No.1107/2015 Benefits disbursement of No. 4/2013 Benefits of gratuity. NO. 1366(C)/2014 Benefits pension & otherOthers& Odisha of No.16693/14 filed. be No.6955/2013 Benefits correction of Date of Orissa 251. WP(C)252. CD Case \ 7 Years Years 2 250. WP(C) 7 Years 254. PG CaseYears 2 244. OA No.1140/2013Years 2 245. OA246. WP(C) 1 Year 247. No.14/2014 F.A 2 Years Year 1 249. WP(C) 1 Year 253. CD Case \Years 2 243. WP(C) 2 Years 248. OANo.2544(C)/14 1

77 Consumer Forum Consumer Forum Consumer Forum Consumer Forum Consumer Forum Hearing pending. Hearing pending. Trinath Das,filed. Objection Trinath Das, Appeal to be Filed Trinath Das, Appeal to be Filed Trinath Das, Appeal to be Filed Trinath Das, Appeal to be Filed Trinath Das, Appeal to be Filed onsumer Hearing pending. onsumeronsumer before the State onsumer before the State onsumer before the State onsumer before the State before the State Dispute Redresal Forum, District Redresal Forum, Redresal Forum, Redresal Forum, Redresal Forum, Redresal Forum, Dispute Dispute Dispute Dispute Dispute Nowrangpur District Nowrangpur District Nowrangpur District Nowrangpur District Nowrangpur District Nowrangpur tive Engineer, C tive Engineer, C tive Engineer, C tive Engineer, C tive Engineer, C tive Engineer, C Goroda Vrs. arsan Bisoi Vrs. SE, Vrs. Bisoi arsan Court High Nanda, D. P. Filed. Counter Quality Control Divison & 04 Others Pushu Gouda Vrs. Pushu Gouda & 04 Others & 04 Others & 04 Others & 04 Others & 04 Others Quality Control Divison Quality Control Divison Quality Control Divison Quality Control Divison Quality Control Divison OHPC & others OHPC & others SE, Vrs. Ratna Khillo Operation Circle,/MD,Court High Orissa of Nanda, D. P. Filed. Counter Operation Circle,/MD,Orissa of Claiming for employment Claiming for EPFVrs. Ramnath Harijan Claiming for EPFVrs. Prema Harijan Claiming for EPFVrs. Jagadhar Mali Claiming for EPF Jadu Claiming for EPFVrs. Banamali Harijan employment Service Regularisation Claiming for of Service Service Service Service Service Service Regularisation Claiming forof Service Sud Khatiguda Machkund Khatiguda Khatiguda Khatiguda Khatiguda Khatiguda Machkund Years Years No.12/2015 Benefits EPF benefits Execu No.15/2015No.16/2015 BenefitsNo.17/2015 benefits Benefits Execu No.18/2015 benefits Benefits Execu No.19/2015 benefits Benefits Execu benefits Benefits Execu benefits Execu 255. CD Case \Year 1 262. OJC NO.16145/98 17 256. CD Case \Year 1 257. CD Case \Year 1 258. CD Case \Year 1 259. CD Case \Year 1 260. CD Case \Year 1 261. OJC NO.16144/98 17

78 filed. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Appeal petition Hearing pending has been filed. Hearing pending. Hearing pending. , Hearing pending. ate, Written Statement h, Hearing pending. Samantaray, Execution petition Nayak, Counter Filed. K. Mishra, R.K.Rat Sr. Advocate Sr. Sanjay Patnaik, Counter Filed. A. N. Routray Court Office of Counter Filed. Cuttack B.K. Nowrangpur of Orissa Civil Judge,Advoc Local Dharmagarh s Hearing pending. & Orissa Vrs. SCDRC, and High Court N. er, Civil Judge, K. N. others of Orissa Panda Vrs. High Court P K Rout, Counter Filed. Vrs. CMD,Vrs. Orissa of 19 worker Surama Khura 33 others Vrs.CMD,33 others Orissa of R.K.Rath, Sri Another rs. CMD, OHPC Ltd.Orissa of A.K.Sinha, Ex-JE(Ele) Executive Engine OHPC Ltd. & Others A.K. Vrs.Patra CMD, OHPC Ltd.Orissa of Court High B. K. Patnaik,Filed. Counter others others Vrs. CMD,OHPCothers Vrs. Orissa of Sri OHPC Ltd. & Others Ltd. & Others& others Advocate Sr. Manmohan Das Vrs.Manmohan Das Tusharkant Mishra OAT, promotionSamantaray Minaketan Court High Nanda, D. P. Filed. Counter overy of e-appointment of Upendra nath MohantyCourt High of Office Filed. Counter govt. DuesVrs. PPD-I,Khatiguda Divn., Sr. Claiming for paymentfor Claiming IPPW Union vrs. StateCourt High N. K. Mishra,Filed. Counter Reinstatement Sri Kabisurjya Jena and High under V.S.S compassionate ground.compassionate MD, OHPC & Challenging the order Machhkund to Mukhiguda duesallowanceconstruction others vrs. Presidingto CK of Orissa & others & Officer Filed. been has Case No.31/06. Matter & Appointment underRakhi Mrs. retrospectively. V dtd. 27.07.06 in CD Smt. non-implementation For sanction of Smt. BishnupriyaCourt High Service in Service Matter Contempt rec For Regularisation Pension &Pension Dues Terminal and payment of arrear Revision of pension Vrs. CMD,OHPC Ltd.PanigrahiMohan Bhuban of OrissaCourt High B. K. Patnaik,been has Counter . Filed. of Service Benefits of Bonus & others Allowances /Allowances For payment of GM (El) UIHEP Allowances / Relating to Land Padu Majhi Vrs. GM(El) Regularisation claim Promotion Claim for ConsumerDisputes Appeal against order APFC, Berhampur Contempt For achkund Transfer Mukhiguda Service Mukhiguda Mukhiguda Mukhiguda Mukhiguda Mukhiguda Machkund Mukhiguda VSS of R Mukhiguda Mukhiguda Mukhiguda Mukhiguda Service ears ears M Years OF regularisation. (ARISING OUT OF NO.3524/04 of OA NO. 910/93) NO.6441/2011) M.S.NO.130/92) NO.2519/04 RHEP/UIHEP petitioners separated and (MISC. CASE NO.11568/06 nd of transfer from NO.2396/2000 Benefits NO.43/07 Benefits CONTEMPT Y 17 NO.13927/05 NO.2677/04 Benefits maternity leave. Mohanty PETITION Matter NO. IP-321(C)/98(ARISING OUT for of order OAT & others 263. OJC NO.17330/01 14 266. OJC NO.5027/99Years 16 271. EP NO.4/2004Years 11 272. WP(C) Years 11 267. OJC NO.12826/99Years 16 264. WP(C) 9 Y 265. 268. OJC 15 Years 275. CIVIL SUITYears 8 270. WP(C) Years 11 273. WP(C)274. NO.765/06 CDFA Years 9 10 Years 269. WP(C) 11Years

79 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Court Nanda, D. P. Filed. Counter Court Nanda, D. P. Filed. Counter High CourtHigh B. K. Das,filed. Counter rs.Court High Nanda, D. P. Filed. Counter Vrs.Court High Nanda, D. P. Filed. Counter OHPC Khurda Sabar High Suresh Chandra Mund High Court D. Nanda,P. Counter Filed. Satyanarayan SahooSatyanarayan Court High Nanda, D. P. Filed. Counter s. CMD,OHPC Ltd. &Orissa of Ltd. Vrs. CMD, Ltd. Vrs. Others Others Others Smt. Bishnupriya Mohanty OHPC Ltd.& Others Others Others Others CMD,OHPC Ltd. &Vrs. Orissa of CMD,OHPC Ltd. &Vrs. Orissa of & 23 Others Vrs.CMD,& 23 Others Orissa of CMD,OHPC Ltd. &Orissa of CMD,OHPC Ltd. &Vrs. Orissa of Pay CMD,OHPC Ltd. &Orissa of Appeal against award M/s.Utkal Galvanizers District Judge, Nanda, D. P. Filed. Counter Commission recommendation & transfer of the College Commission recommendation & transfer of the College Commission recommendation & transfer of the College to Education Dept. Tribunal in AAD-1/07.in Tribunal Ltd. & Others) Claiming for benefits Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Smt. Nalini Joshi Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri to Education Dept. Claiming for benefitsV Sri Balaram Behera Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Parameswar to Education Dept. Claiming for benefits Sri Sudhir Kumar Behera High Civil/Contract MatterArbitration Tender State of Mukhiguda Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service ears NO.9237/10 Benefits as per 6th PayVr NO.9242/10NO.9255/10 Benefits as per 6th Pay Benefits as per 6th Pay NO.18488/10NO.9236/10 Benefits as per 6th Pay BenefitsNO.9238/10 as per 6th NO.9241/10 Benefits as per 6th Pay Benefits as per 6th Pay 276. ARBP NO.364/08 7Y 277. WP(C) 5 Years 278. WP(C) 5 Years 279. WP(C) 5 Years 280. WP(C) 5 Years 281. WP(C) 5 Years 282. WP(C) 5 Years 283 WP(C) 5 Years

80 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. K. Das,Filed. Counter Court Nanda, D. P. Filed. Counter DashCourt High B. K. Das,Filed. Counter Panda High Court B. NayakCourt High B. K. Das,Filed. Counter Kumar PandaKumar Court High B. K. Das,Filed. Counter Bikram Kumar Joshi High Court D. Nanda,P. Counter Filed. ByomakeshCourt High Nanda, D. P. Filed. Counter OHPC Ltd. & Others Others Others Others Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Others Others CMD,OHPC Ltd. &Vrs. Orissa of Others Vrs. CMD,OHPC Ltd. &Vrs. Orissa of CMD,OHPC Ltd. &Vrs. Orissa of CMD,OHPC Ltd. &Vrs. Orissa of Claiming for benefits Sri Commission recommendation & transfer of the College Commission recommendation & transfer of the College Commission recommendation & transfer of the College Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Naresh to Education Dept. Claiming for benefits Sri Bimbadhar to Education Dept. Claiming for benefits Sri Bilash Kumar Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Sitaram Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Prabin Kumar Behera High to Education Dept. Claiming for benefits Sri Commission recommendation & transfer of the College to Education Dept. Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service NO.9256/10 Benefits as per 6th Pay Mohapatra Vrs. CMD,Orissa of NO.9258/10 Benefits as per 6th Pay NO.9257/10 Benefits as per 6th Pay NO.9240/10 Benefits as per 6th Pay NO.9259/10NO.9262/10 Benefits as per 6th Pay Benefits as per 6th Pay NO.9243/10 Benefits as per 6th Pay 284. WP(C) 5 Years 285 WP(C) 5 Years 286. WP(C) 5 Years 287. WP(C) 5 Years 288. WP(C) 5 Years 289. WP(C) 5 Years 290. WP(C) 5 Years

81 Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Court Nanda, D. P. Filed. Counter Court B. K. Das,Filed. Counter High CourtHigh Nanda, D. P. Filed. Counter rishna Chandrarishna Court High B. K. Das,Filed. Counter Tulsiram RoutTulsiram Court High B. K. Das,Filed. Counter Kedar RoutKedar Court High Nanda, D. P. Filed. Counter Bholeswar NayakBholeswar Court High Nanda, D. P. Filed. Counter Lambodar Sahoo Others Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Others Others Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Others Others Others CMD,OHPC Ltd. &Vrs. Orissa of Vrs. CMD,OHPC Ltd. &Vrs. Orissa of CMD,OHPC Ltd. &Vrs. Orissa of CMD,OHPC Ltd. &Vrs. Orissa of Others Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Commission recommendation & transfer of the College Claiming for benefits Sri Commission recommendation & transfer of the College Commission recommendation & transfer of the College to Education Dept. to Education Dept. Claiming for benefits Sri to Education Dept. Claiming for benefits Sri Dhanurjaya Sahoo High to Education Dept. Claiming for benefits Sri Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri K Commission recommendation & transfer of the College to Education Dept. Claiming for benefits Sri Susanta Kumar Lenka High Commission recommendation & transfer of the College Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service NO.9244/10 Benefits as per 6th Pay NO.9246/10 Benefits as per 6th Pay NO.9252/10 Benefits as per 6th Pay NO.9248/10NO.9249/10 Benefits as per 6th Pay NO.9250/10 Benefits as per 6th Pay Benefits as per 6th Pay NO.9245/10 Benefits as per 6th Pay 291. WP(C) 5 Years 292. WP(C) 5 Years 293. WP(C) 5 Years 294. WP(C) 5 Years 295. WP(C) 5 Years 296. WP(C) 5 Years 297. WP(C) 5 Years

82 pending. Hearing pending. Hearing pending. Hearing pending. Hearing pending. Counter filed on Hearing pending. as, Hearing .K.Rout B. K. D Court B. K. Das,Filed. Counter Orissa High Court B.K. Nayak,filed Counter CourtHigh Nanda, D. P. Filed. Counter Negi High other Vrs. StateVrs. other of Orissa Amulya Kumar MundCourt High Nanda, D. P. Filed. Counter Others .Mathivanan,CMD, of Vrs. CMD,OHPC Ltd. &Vrs. Orissa of Others Others Others Kanchan Prava Mund CMD,OHPC Ltd. &Vrs. Orissa of Court High B. K. Das,A.K.Patra Filed. Counter Others Others Sri Lalbahadur Sahu CMD,OHPC Ltd. &Vrs. Orissa of Vrs. Union IPPW Court High Vrs. CMD,OHPC Ltd. &Vrs. Orissa of .e.f. CMD,OHPC Ltd. & Vrs. Orissa of for higher & 28 Scheme. G obstruct the Sri Jitendra Kumar Bisoi High Court P The petitioner is Sri Bipra Charan Swain High Court N. K. Mohanty, Counter filed. Claiming for benefits Sri Damodar Commission recommendation & transfer of the College Commission recommendation & transfer of the College Commission recommendation & transfer of the College 06.08.04 and fixed to Education Dept. Claiming for benefits to Education Dept. Restoration to the post the seniority inthe Clerk. grade of Sr. Claiming for benefits Sri Commission recommendation & transfer of the College to Education Dept. Claiming for benefits to Education Dept. Claiming for Uniform scale of pay.passage to QuarterNo.Dt-39 in Sector-1, of Odisha & Others Odishaof State & Vrs. of Orissa 08.08.2013. Mukhiguda, Jaipatna till the next date of listing Matter Scale fits Pension Allowances / Civil/Contract Not to Mukhiguda Service Mukhiguda Higher Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Service Mukhiguda Mukhiguda ears OF WP(C)OF OHPC & Others NO.5560/2011 of Pay claiming (ARISING OUT Bene NO.9253/10 Benefits as per 6th Pay NO.14053/2010 NO.9254/10NO.13353/10 Benefits as per 6th Pay BenefitsNO.9247/10 Clerk w of Sr. Benefits as per 6th Pay NO.9239/10 Benefits as per 6th Pay NO.12309/2013 Tender 298. WP(C) 5 Years 304. WP(C) 4 Years 299. WP(C) 5 Years 300. WP(C) 5 Years 301. WP(C) 5 Years 302. WP(C) 5 Years 303. CP NO.1199/2011Years 5 305. WP(C) 2Y

83 Hearing Hearing isc case disposed isc case disposed Hearing Pending pending. Hearing pending. Counter to be filed. Counter to be filed. filed. pending. Mohanty Counter Filed & .K.Rout M .K.Rout M Addl GovtFiled. Counter Addl GovtFiled. Counter Orissa 1997. Orissa 1998. alcher Pleader, Hearing pending. alcher Pleader, Hearing pending. SDJM, SDJM, & of Orissa of on 23.04.2014. & of Orissa of on 23.04.2014. CMD, Bhubeneswar has been Filed. R & of Ltd. & Others of Rath Sahoo Vrs.Sahoo Labour Cort, B. C. Bastia, Written Statement C. Swain CMD,Vrs. High Court B.K. Nayak, Counter Filed in S. K. United India Insurance District Judge, N K EE, Maintenance Divn. High Court D. Nanda,P. Appeal Filed in Sri Baidyanath Beruk Vrs.Sri Baidyanath Beruk High Court P Sri Kishore Majhi Vrs.Sri Kishore Majhi Court High P Others Others Netrananda Mohanty &Cort, Labour Bastia,C. B. Written statement Vrs.Behera Brundaban Court High N. K. Mishra,Labour Court & others Filed. Counter with Rengali SE, RHEP, Bhubeneswar to 31.08.96 BBSR & 5 others Rs.300 to 70 others Vrs. ng for higher ng for higher K. P. rrecoery of an United IndiaVrs OHPC District Judge, N K Mohanty ount ofLtd Insurance Khurda 31.08.96 BBSR & others laiming for regularisation passed BBS IT, Vrs. Challenging the (ARISING OUT OF in Arbitration Case dtd 13/06/2013 passed OHPCVrs Ltd Khurda Interest Challenging the award No-1/09 Demand of wages forAdhikari & B. 252 C. MC 18/94) Demand of wages for77 & Samal Satyananda by IT,BhubaneswarClaiming for higher G. Scale) ITI (Welder 1660/- Rs.7.40,23,445/- from United India Insurance with Challenging the 410/- and subsequently OHPC Ltd., BBSR / revised Rs.995 toRHEP , SE promotion to the post&Ltd. OHPC CMD, of Lineman Ge. II and Others / Presiding Officer, challenged against Orissa of order of Presiding Officer, Labour Court by the applicant. Regularisation Challenging award of of Service Benefits the period fromProjects,CCE Vrs. others T Matter Arbitration Higher Scale Higher Scale of Paypayof scale Higher Scale Claimi OHPC Promotion C Matter am Arbitration For claim Higher Scale Claimi Rengali Mukhiguda Service Mukhiguda Rengali Service Rengali Rengali Rengali Rengali Mukhiguda Service Mukhiguda Rengali ears ears ARBP Y 2 NO.7076/2014 Benefits catchup rules CMD,OHPC Ltd 18/94) 01.09.93 (ARISING FROM ARISING FROM of Pay01.09.93from period Projects,CCE Vrs. others T 22/94 to No-325/2013 NO.7077/2014 Benefits catchup rules CMD,OHPC Ltd No 290/2013 NO.154/97 of Payi.e. scale NO.203/97 of PayMatric i.e. scale 306. WP(C) 1 Year 312. OJC NO.13051/97 18Y 309. 310. MC NO.3/95Years 20 311. CASE NO. 4/95Years 20 313. OJC NO.562/97Years 18 315. MISC CASEYears 18 316. OJC NO.13768/97Years 18 307. WP(C)308. Execution PetitionYears 2 1 Year 314. MISC CASEYears 18

84 pending. 08.09.11. filed. filed Hearing pending. filed. Reminder issued Counter Filed in Hearing pending. Appeal Filed. issued on 08.09.11 by Unit. Hearing Hearing pending. pending. Hearing pending. astia, Written Statement .Nanda C. Bastia, Written Statement .K.Rout T, CuttackT, B. Orissa Disputes Redressal Commission, High CourtPatnaik, Sanjay Counter Filed in High CourtPatnaik, Sanjay Counter Filed. ( Sr. Divn.) ( Sr. Civil JudgeCivil B. C. B Cuttack High CourtPatnaik, Sanjay Counter Filed. and of OrissaReminder 2005. Ltd. of Orissa OHPC &Orissa of engali Vrs. of OHPC & others Bhubeneswar Ghanashyam Mohanty Ghanashyam Mohanty Maintenance Division/CMD, OHPC Ltd. & Bhubaneswar OTHERS on EE, P & C Division,Court High Nanda, D. P. Filed. Counter Others MD, OHPC Ltd., BBSRCourt High P RPPW Union Vrs. Union RPPW others RPPW Union Vrs. CMD,Vrs. Union RPPW Court High D.P bills the Hearing desolution Court Union RPPW Vrs. of Orissa Expenses MD, OHPC Vrs. DCRF, Angul inDCRF, Parsuram Sahoo Vrs. Consumer rising out of order inVrs.Rout Banamber OA ratuity MD, Vrs. Claim for HydroVrs.Behera Santosh Labour Cort, B. C. Bastia, Written Statement for Claim steping Allowance members of the petitioner who have of pay Allowance. Appeal against orderDivn.Gen. Manager CD Case No.124/02 State B.K. Nayak,AE promoted to Appeal Filed. taken VSS Payment of withheld of Rengali Power Management, Project Workers Club Project Workers refusal letter No. 6591R RHEP, Challenging the dtd.08.12.05 ofRPFC-II (C), BBSR BBSR RPFC, benefit from 22.06.98from benefit OHPC Ltd. & Othersto 14.06.2000 Orissa of 2006. Challenging the order regarding Hydro fixation while JE Vrs. OHPC Regarding monetary Higher Scaleof Pay A OA No. 4182 (C)/96 State of Orissa Official Challenging Civil/Contract /Allowances Payment of RCM claim EPF / GPF Promotion Anomaly in pay Kishore Ch. Mohapatra claim VSS of Rengali Service Rengali Rengali Rengali Rengali Rengali Service Rengali Rengali Service Rengali Rengali 9 Years NO.170/97 Benefits NO.955/03 Matter Tender of NO.1626/05 BenefitsNO.5173/05Medical / Benefits g NO.6682/06 NO.12036/05 RHEP/UIHEP NO.4640/02 Benefits of Labour NO.5678/04 WP(C) 317. ID CASEYears 18 318. IP 329 (C) / 97Years 18 319. NO.290/2001 T.S. Years 14 321. CD APPEALYears 12 323. WP(C) 10 Years 325. WP(C) 10 Years 320. WP(C) 13 Years 322. WP(C) Years 11 324. WP(C) 10 Years 326.

85 Hearing pending. Berhampur of Orissa Riggers of OHPC Ltd.Riggers of of Orissa OHPC Ltd.Riggers of of Orissa OHPC Ltd. 03.02.08. Riggers of of Orissa OHPC Ltd. 03.02.08. Riggers of of Orissa OHPC Ltd. 03.02.08. Riggers of of Orissa OHPC Ltd. 03.02.08. of Orissa 03.02.08. 03.02.08. igher Scale of pay at Nakul Nayak Vrs. High Court N. K. Mohanty,igher Scale of pay at Counter Filed on Palli Patteya Vrs. Yari High Court N. K. Mohanty, Counter Filed on igher Scale of pay at Anadi Ch. Nayak Vrs. High Court N. K. Mohanty, Counter Filed on igher Scale of pay atVrs. K. Lachhamayya High Court N. K. Mohanty, Counter Filed on igher Scale of pay atVrs. Bhaskar Ch. Naik High Court N. K. Mohanty, Counter Filed on igher Scale of pay atVrs.Swain Avimanyu High Court N. K. Mohanty, Counter Filed on share of RHEP,Rengali AGAINST (APPEAL EPF APPELLATE TRIBUNAL, NEW DELHI IN ATA 45(10)/06) ATA Rengali Dam Projectas per award of Industrial Tribunal, Bhubaneswar,Orissa. Rengali Dam Projectas per award of Industrial Tribunal, Orissa., Bhubaneswar. Rengali Dam Projectas per award of Industrial Tribunal, Orissa., Bhubaneswar. Rengali Dam Projectas per award of Industrial Tribunal, Hearing pending. Bhubaneswar,Orissa. Rengali Dam Projectas per award of Industrial Tribunal, Hearing pending. Bhubaneswar,Orissa. Rengali Dam Projectas per award of Industrial Tribunal, Hearing pending. Bhubaneswar,Orissa. Hearing pending. Hearing pending. Hearing pending. EPF / GPFclaim Deposit of EmployerAPFC, Vrs. OHPC Court High Nanda, P. D. Filed. Counter Higher Scale H Higher Scale H Higher Scale H Higher Scale H Higher Scale H Higher Scale H Rengali Rengali Rengali Rengali Rengali Rengali Rengali 8 Years WP(C) NO.9117/07 NO.5301/07NO.5302/07 of PayNO.5303/07with par of PayNO.5304/07with par of PayNO.5305/07with par of PayNO.5306/07with par of Paywith par of Paywith par 327. 328. WP(C) 8 Years 329. WP(C) 8 Years 330. WP(C) 8 Years 331. WP(C) 8 Years 332. WP(C) 8 Years 333. WP(C) 8 Years

86 ed. Final rocess. rocess. ranted. process. series of reminders. filed. Final disposal is in Hearing pending. filed. Final Hearing pending. Rourkela Tribunal, Bhubaneswar disposal is in Bhubaneswar disposal is in Union, Tribunal, grant ral Secy, Tribunal, Employees Union, Vrs. Gene Vrs. OHPC Vrs General Secy,Vrs OHPC Industrial D. Nanda,P. Written statement Others Gopabandhu Nayak Vrs.Court High Rath, Rajib CMD, OHPC and SGM, Counter Filed on IndustrialNanda, P. D. Written statement Rengali Rengali General Secy,Vrs OHPC High CourtRengali Nanda, D. P. Appeal filed. Stay p OHPC Vrs General Secy,Vrs OHPC Industrial Nanda, D. P. Appeal filed. Stay Rengali Gr. IIGr. OHPC Riggers of OHPC Ltd. of Orissa 03.02.08. Riggers of OHPC Ltd.Riggers of of Orissa OHPC Ltd.Riggers of of Orissa OHPC Ltd. 03.02.08. of Orissa 03.02.08. 03.02.08. otion order 8081order otion CMD, OHPC Ltd. &Orissa of After 26.10.11. igher Scale of pay Maheswar Mohanta Vrs. High Court N. K. Mohanty, Counter Filed on igher Scale of pay at A. appa Rao Vrs. High Court N. K. Mohanty,igher Scale of pay atVrs. Harekrishna Nayak Counter Filed on High Court N. K. Mohanty, Counter Filed on igher Scale of pay at Anam Nayak Vrs. High Court N. K. Mohanty, Counter Filed on pay of Lineman dtd.07.11.2007 of GM (El), RHEP, Rengali RHEP, of OHPC Employees Union, Rengali Dam ProjectRengali Dam Projectas per award of Industrial Tribunal, Bhubaneswar,Orissa. Rengali Dam Projectas per award of Industrial Tribunal, Bhubaneswar,Orissa. Rengali Dam Projectas per award of Industrial Tribunal, Bhubaneswar,Orissa. Challenging the Hearing pending. Rengali Hearing pending. Hearing pending. Hearing pending. Rengaliof RHEP, p pay of FerroprinterEmployees OHPC Higher Scale H Higher ScaleHigher Fixation of scale of claim prom Higher Scale H Higher Scale H Higher Scale H Promotion ScaleHigher Fixation of scale of Higher ScaleHigher Fixation of scale of Higher ScaleHigher Fixation of scale of Rengali Rengali Rengali Rengali Rengali Rengali Rengali Rengali Rengali ears ears CASE NO.23/07Y 8 CASE NO.25/07Y 8 NO.5307/07 of Paywith par at NO.24/07(ID of Pay 15059/14 No.15062/14 NO.14538/07 NO.22/07 of Pay pay of Assistant Store RHEP NO.5308/07NO.5309/07 of PayNO.5310/07with par of Paywith par of Paywith par Case No.04/13) & all other categories disposed ID CaseNo.03/13 nowWP(C) No. of Pay pay of Despatcher OHPC Employees Union,Orissa of Rengali RHEP, of g (ID Case NO.05/13) of Pay now WP(C)Rengali RHEP, of 334. WP(C) 8 Years 341. ID CASEYears 8 340. ID 335. WP(C) 8 Years 336. WP(C) 8 Years 337. WP(C) 8 Years 338. WP(C) 8 Years 339. ID CASEYears 8 342. ID

87 Pending eal filed.Stay nter filed. disposal is in filed. Final disposal is in filed. Final Hearing pending. granted in favour Management. Counter filed on issued. process. process. for hearing. SLP filed. Hearing pending. N.K.Mohanty Cou N.K.Mohanty/R.K.Rath App N.K.Mohanty Shibashish Mishra, Rourkela Tribunal, Rourkela Tribunal, Tribunal, Bhubaneswar of Orissa High Court rs. of Indiaissued Reminder Employees Union, Employees Union, ishra Vrs. OHPCishra Vrs. Court High B.K. Nayak,petition Review Mohapatra & Others Vrs.Mohapatra & Others Orissa of Rengali OHPC Vrs General Secy,Vrs OHPC Industrial D. Nanda,P. Written statement Rengali OHPC Vrs General Secy,Vrs OHPC Industrial D. Nanda,P. Written statement Akshaya KumarCourt High OHPC Vrs General Secy,Vrs OHPC IndustrialRengali D. Nanda,P. Appeal Filed. Vrs.OHPC Ltd. & Others Court High Others filed. be to Rengali Dam Project State of Odisha & Others Ms.Santoshini Mishra Vrs.Court High B.K. Nayak, PWC provided on OHPC Vrs.Court Supreme of OHPC Employees Union, of Pay. Gen.Secy.OHPC Emp. Meter Reader OHPC Head Clerk OHPC ming for higher laiming for & Sr. Clerk of RHEP, & Sr. of RHEP, Rengali of RHEP, electricity to the CivilVrs.Union Workers of Orissa 12.04.13. 03 nos. Rengali Rengali RHEP, under V S Scheme. Claim of Riggers for amount. Regarding higher B.K.M Claiming fr exemption BondService of CMD, OHPC Ltd. &Orissa of Counter 24.10.11. judgement of HighCourt of Orissa inV Giridhari Sahoo WP (C) No.3710/2002 89 othersallowing employment of the NMR employees separated 24.01.14. on onsumer C Higher ScaleHigher Fixation of scale of Higher ScaleHigher Fixation of scale of Disputes Higher ScaleHigher Fixation of scale of Higher Scale Benefits scale of pay. & Others of Orissa filed. Allowances / Allowances / Regularisation Challenging the Rengali Rengali Rengali Service Clai Rengali Rengali Rengali C Rengali Rengali Rengali ears NO.1591/2012 Benefits scale of pay. NO.26/07 of Payof pay NO.28/07 of Pay pay of NO.27/07) 12.03.2012. Misc. CaseMisc. No.20116/2012 HE.Project.Rengaliby Colony CMD,OHPC & 4 Othershas reminders of already been No.15065/14(Challenging the award passed in ID Case No.6/13 (ID CASE of PayAsst. pay of Head NO.4439/2012(arising out of IDCASE NO.1/09 FILED ON of PayScale Higher NO.23383/2012 & Union,RHEP of the NO.22850/11 Benefits SLP(C) 7 Y NO.17723/08 of NMR 343. ID CASEYears 8 345. ID CASEYear 8 348. WP(C) 3 Years 344. WP(C) 1 Year 347. (WP(C) 3 Years 351. WP(C) 3 Years 349. RP NO.26/2011Years 4 346. 350. WP(C) 4 Years

88 ter filed ter filed filed filed reminders has already been Counter to Counter filed on Counter to be filed Counter to Counter filed on Counter to be discussions are Advocate for disposal of the issued. issued. case. Counter to . .K.Rout .K.Rout Coun .K.Rout .K.Rout Coun N.K.Mohanty B.K.Pattnaik N.K.Mohanty B.K.Nayak N.K.Mohanty Orissa be Orissa be of Orissafiled be High Court High Court P High Court of Orissa filed. Series of thers of Orissa rs. High Court Sethi of Odisha & O rs. SGM(Finance), of rs. GM(El.),RHEP, of Others of Saroj Kumar Behera Vrs.Saroj Kumar Behera High Court P Santosh Kumar Beriha High Court P Others Other Other Basanta Kumar Beura High Court Corporate Office & Another Annapurna Swain Vrs.Annapurna Swain High Court P Sarbagyan Sahoo V Sarbagyan Sahoo Others Sri Satrughan Pradhan ofVrs. Samal Sri Bairagi are Pabitra Kumar Ghadei High Court revised ming for higher tricity to the Civil .Odishaof State Vrs. of Orissa 12.04.13. 03 nos. Catch-up RuleCatch-up CMD,OHPC & 20 RuleCatch-up CMD,OHPC & Vrs. Orissa of Catch-up RuleCatch-up CMD,OHPC & Vrs. Orissa of laiming for electric supply toRengali Civil Colony. State of Odisha & of Orissa 12.04.13. 03 nos. to time from 1995 amount towards ACP amount towards Challenging the order 31.08.2003. Challenging the order Claiming for Challenging the order Chandramani amount ACPtowards held with the The petitioners are tonot claiming recover the excess State of Odisha & recover the excess Rengali & Others onsumer Regarding transfer onsumer C claim of claim of Disputes Promotion Promotion Promotion Pension & Clai claim of Disputes elec Contract/ The petitioners Rengali C Rengali Rengali Rengali Service Rengali Rengali Rengali C Rengali Service Rengali No.6980/14 No.7771/2014 NO.23162/2012 No.13239/2013 Benefits scale of pay from time State No.22298/2014Dues Terminal scale of pay V No.7772/2014 Misc. CaseNo.21143/2012 HE.Project Colony by Rengali & Others of reminders has already been NO.24548/2012 & NO.18160/2012 Benefits No.13642/2012 Tender Matter claiming not to V 352. WP(C) 3 Years 356. WP(C) 1 Year 358. WP(C) 1 Year 357. WP(C) 2 Years 359. WP(C)360. WP(C) 1 Year 1 Year 353. WP(C) 3 Years 354. WP(C) 3 Years 355. WP(C) 3 Years

89 Comments of the Comptroller and Auditor General of India under Section 143(6) (b) of the Companies Act, 2013 on the Financial statements of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015.

The preparation of financial statements of Odisha Hydro Power Corporation Limited for the year ended 31st March, 2015 in accordance with financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act are responsible for expressing opinion on the financial statements under Section 143 of the Act based on independent audit in accordance with the Standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 30 July, 2015. I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under Section 143(6) (a) of the Act of the financial statements of Odisha Hydro Power Corporation Limited for the year ended 31st March 2015. This supplementary audit has been carried out independently without access to the working paper of the Statutory Auditors and is limited primarily to inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit, I would like to highlight the following significant matter under section 143(6)(b) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statement and the related Audit Report. (A) Comments of profitability : Statement of Profit and Loss Revenue from Operations (Note-22) - Rs. 493.24 Crore 1. The above includes Rs. 4.53 crore deposited by different industrial undertakings as per the interim orders of Hon'ble Court on the basis of appeal made by the industries. The company has booked the amount as income of current year towards compensation for loss of energy. Since the matter is under sub-judice and the High Court has stayed the matter with instruction to deposit the above amount, these deposits should not have been recognized as income of the company. This has resulted in overstatement of Revenue from operation and Profit for the year with corresponding understatement of Deposits (Long Term loans and Advances) and Non-current Liabilities by Rs. 4.53 crore each. Prior Period adjustments (Note-28) (-) Rs. 29.92 crore 2. The above is overstated by Rs. 4.37 crore due to non-accounting of downward revision of energy bills of Hirakud Hydro Electric Project, Burla and Balimela Hydro Electric Project, Balimela for the period 2011-12 and 2012-13 as per State Load and Despatch Centre certification of PAFM (Plant Availability Factor Multiplier). This has also resulted in overstatement of Current Assets (Trade receivables) and Profit for the year to the same extent. (B) Comments on Financial Position Balance Sheet Equity and Liabilities Current Liabilities

90 Other Current Liabilities (Note-9) State Government loan converted into equity pending for allotment: Rs. 298.85 crore. 3. The above represents a part of the Government loan of Rs. 821.14 crore to be converted to equity in respect of Upper Indravati Hydro Electric Project (UIHEP) of the Company as per Government of Odisha (GoO) modified notification No. 3060 dated 31.03.2015. Since the amount is pending for conversion to equity as on the date of authentication of accounts, this should have been shown under the head 'Share application money pending allotment' as required under Part-I of Schedule-III of the Companies Act, 2013. Booking of the item under Current liabilities instead of Share Application Money Pending Allotment has resulted in overstatement of 'Other Current Liabilities" and understatement of 'Share application money pending allotment' by Rs. 298.85 crore each. (C) Comments on Disclosure: Significant Accounting Policies (Note-1) Inventories (Para-7) 4. The Company has disclosed in its accounting policy that valuation of inventories is made at cost price. But as per AS-2, this should have been valued at cost or net realisable value whichever is lower. Further, the Company has also not disclosed the cost formula for valuation of inventories as required under AS-2. Notes on Accounts Note-9.3 5(a) The company has disclosed in its accounting policy that the revenues on account of DPS on energy bills, water compensation receivables from drawal of water from Reservoirs, recovery of OERC application fee, publication expenses, ERPC fees, interest on SD with SOUTHCO, are accounted for on cash basis. But the Company has not disclosed the reasons for deviations from fundamental accounting principles and the financial impact on the accounts as required under Section 129(5) of the Companies Act, 2013. General 5(b) The Company has accounted for receipt of insurance claims and interest on house building loan to employees on cash basis but this has not been disclosed along with reasons for such deviation and the financial impact thereon as required under AS-1. Contingent Liabilities (Note-42) 6. The Company has disclosed Rs. 9.32 crore as Contingent Liability against the Income Tax refund pending with different appellate authorities for the Assessment Years 2006-07, 2007-08 and 2009-10 to 2012-13. But the company had booked Rs. 43.30 crore against tax demand of Rs. 100.78 crore raised by the IT Department. The balance claim of Rs. 57.47 crore against which appeal is still pending being contingent in nature should have been disclosed. (D) Comment on Independent Auditors' Report Report on Legal and Regulatory requirements 7. As required under Section 143(3) (c) of the Companies Act, 2013, The Auditors' Report shall also state

91 whether the report on the accounts of any branch office of the Company audited under sub section (8) by a person other than the Company's auditor has been sent to him under the proviso to that sub-Section and the manner in which he has dealt with it in preparing his report. But the Statutory Auditors did not report the matter adequately in respect of six branches of the company audited by different Auditors with different Audit Reports.

For and On behalf of the Comptroller and Auditor General of India

sd/- R.AMBALAVANAN ACCOUNTANT GENERAL Place: Bhubaneswar Date: 24.09.2015

Signing of MoU for year 2015-16 between OHPC and Department of Energy.

92 ANNUAL AUDITED ACCOUNTS

OF ODISHA HYDRO POWER CORPORATION LIMITED (A Government of Odisha Undertaking )

Financial Year 2014-15

93 ODISHA HYDRO POWER CORPORATION LIMITED BALANCE SHEET AS AT 31ST MARCH 2015. (In Rupees) Figures as at the end of Figures as at the end of current reporting period previous reporting period ended ended Particulars Note No. 31st March-2015 31st March-2014 I. EQUITY AND LIABILITIES (1) Shareholders' funds (a) Share capital 2 3,398,007,000 3,208,007,000 (b) Reserves and surplus 3 6,781,165,549 6,871,358,494 (c) Money received against share warrants - - Sub-total [ (a)+(b)+(c) ] 10,179,172,549 10,079,365,494 (2) Share application money pending allotment (3) Non-current liabilities (a) Long-term borrowings 4 13,006,596,737 17,766,167,688 (b) Deferred tax liabilities (Net) provisions (c) Other Long term liabilities 5 3,509,117,065 3,017,867,208 (d) Long-term provisions 6 436,764,792 391,467,913 Sub-total [ (a)+(b)+(c)+(d) ] 16,952,478,594 21,175,502,809 (4) Current liabilities (a) Short-term borrowings 7 -- (b) Trade payables 8 20,057,368 8,093,816 (c) Other current liabilities 9 4,027,439,146 1,019,157,990 (d) Short-term provisions 10 421,487,985 112,215,755 Sub-total [ (a)+(b)+(c)+(d) ] 4,468,984,499 1,139,467,562 GRAND TOTAL 31,600,635,642 32,394,335,864 II. ASSETS (1) Non-current assets (a) Fixed assets (i) Tangible assets 11 10,851,699,268 13,759,039,478 (ii) Intangible assets 12 -- (iii) Capital work-in-progress 13 504,023,120 448,731,669 (iv) Intangible assets under development Sub-total [ (i)+(ii)+(iii)+(iv) ] 11,355,722,388 14,207,771,147 (b) Non-current investments 14 1,741,192,000 1,212,047,000 (c) Deferred tax assets (net) - - (d) Long-term loans and advances 15 71,523,838 83,609,023 (e) Other non-current assets 16 6,220,910,805 6,331,873,523 Sub-total [ (a)+(b)+(c)+(d)+(e) ] 8,033,626,643 7,627,529,546 (2) Current assets (a) Current investments (b) Inventories 17 547,929,160 478,081,631 (c) Trade receivables 18 1,364,537,916 449,729,662 (d) Cash and cash equivalents 19 9,124,696,001 8,623,374,207 (e) Short-term loans and advances 20 776,693,386 452,565,378 (f) Other current assets 21 397,430,148 555,284,293 Sub-total [ (a)+(b)+(c)+(d)+(e)+(f) ] 12,211,286,611 10,559,035,171 GRAND TOTAL 31,600,635,642 32,394,335,864 Significant Accounting Policy & Accompaning notes forming part of the financial statements In terms of our report of even date attached. For G R C & Associates Chartered Accountants CA. P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance & Chairman-cum- M. No.-069682 CFO) Managing Director Place : Bhubaneswar (DIN-05297051) (DIN-00229586) Date : 30.07.2015

94 ODISHA HYDRO POWER CORPORATION LIMITED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31.03.2015 (In Rupees) Figures as at the end of Figures as at the end of current reporting period previous reporting period Particulars Note No. ended ended 31st March-2015 31st March-2014 I Revenue from operations 22 4932412904 4517341290 II Other income 23 1315955836 1960074582 III Total Revenue (I + II) 6248368740 6477415872 IV Expenses : Repair & Maintenance expenses 24 620835355 483866915 Operational expenses 25 98488380 102949520 Employee benefits expenses 26 1599034210 1535593931 Administrative & General expenses 27 187233424 210163402 Finance costs 29 584715363 2925036816 Depreciation and amortization expense 11 2947300768 1261078962 Selling & Distribution expenses 30 43137450 316364 Total expenses 6080744949 6519005910 V Profit before prior year adjustments (III-IV) 167623791 -41590038 VI Prior year adjustments 28 -299190317 -153566229 VII Profit before exceptional and 466814108 111976191 extraordinary items and tax (V-VI) VIII Exceptional items 31 0 695742 IX Profit before extraordinary items and tax (VII - VIII) 466814108 111280449 X Extraordinary Items XI Profit before tax (IX-X) 466814108 111280449 XII Tax expense: (1) Current tax 889323106 150490001 (2) Less Mat Credit set off 578453172 127165063 (3) Net Current Tax Liability 310869934 23324938 (4) Deferred tax XIII Profit (Loss) for the period from continuing operations (XI - XII) 155944174 87955511 Profit (Loss) for the period (XIII) 155944174 87955511 XIV Earnings per equity share : (1) Basic 49 27 (2) Diluted Significant Accounting Policy & Accompaning notes forming part of the financial statements In terms of our report of even date attached. For G R C & Associates Chartered Accountants

CA. P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance & Chairman-cum- M. No.-069682 CFO) Managing Director Place : Bhubaneswar (DIN-05297051) (DIN-00229586) Date : 30.07.2015

95 ODISHA HYDRO POWER CORPORATION LIMITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31.03.2015 (In Rupees) Figures as at the end of current Figures as at the end of reporting period ended previous reporting period ended PARTICULARS 31st March-2015 31st March-2014 1. Cash flows from operating activities : Net profit before taxation and extraordinary items and tax 466,814,108 111,280,449 Adjustment for : Depreciation & amorttisation 2,947,300,768 1,261,078,962 (Profit) / Loss on Sale of Assets 49,139 4,506 Write off of Assets - - Provision for FBT - Provision for Income tax (310,869,934) (23,324,938) Interest income (1,110,215,589) (814,094,907) Finance Cost 584,715,363 2,925,036,816 Operating profit before working capital changes 2,577,793,855 3,459,980,888 Adjustment for (Increase)/Decrease in operating assets Increase in inventories (69,847,529) (52,121,036) Increase in Other Current Assets 16,653,739 (9,537,921) Increase in Other Non-Current Assets 110,962,718 (1,920,351,493) Increase in Short -term loan & advance (324,128,008) (64,444,747) Decrease in trade receivables (914,808,254) 1,471,520,894 Decrease in Long-term loans & advances 11,839,935 3,121,704 Total (1,169,327,399) (571,812,599) Adjustment for Increase/(Decrease) in operating Liabilities Decrease in Trade Payable 11,963,552 (12,283,439) Decrease in Short -term borrowings - - Decrease in Other Current Liabilities 22,154,014 (1,384,532,653) Increase in Other Long term Liabilities 491,249,857 2,791,942,581 Decrease in Short-term Provision 309,272,230 (240,159,171) Decrease in Long-term Provision 45,296,880 (83,591,812) Total 879,936,532 1,071,375,506 Cash generated from operations 2,288,402,988 3,959,543,795 Net Cash flow before extraordinary item 2,288,402,988 3,959,543,795 Extraordinary Items - - Net cash flow operating activities 2,288,402,988 3,959,543,795 2. Cash flows from investing activities : Capital Expenditure on fixed asets including capital advances (95,055,896) (170,041,823) Interest received 1,251,415,995 497,673,409 Long term investment in JVs (529,145,000) (992,600,000) Net cash flow investing activities 627,215,098 (664,968,415) 3. Cash flow from financing activities : Repayment to long term borrowings to State Govt (1,511,500,000) - Govt. of Odisha Loan-3-POTTERU (92,950,000) Repayment of long term borrowings (PFC) (166,620,951) (158,518,725) 4. Proposed Dividend (46,783,252) (26,386,653) 5. Tax on Dividend (9,353,867) (6,368,110) Finance Cost (587,088,220) (2,927,712,434) 6. Net cash used in financing activities (2,414,296,291) (3,118,985,922) Net increase in cash and cash equivalents (1+2+3) 501,321,795 175,589,458 Cash and cash equivalent at beginning of the Year 8,623,374,205 8,447,784,747 Cash and cash equivalent at end of the Year * 9,124,696,001 8,623,374,205 *Comprises (a) Cash on Hand 168,981 193,103 (b) Balances with Banks (i) In current accounts 75,938,927 123,149,433 (ii) In Earmarked accounts 9,048,570,000 8,500,000,000 (c) Postal order & Stamp 18,094 31,671 Significant Accounting Policy & Accompaning notes forming part of the financial statements In terms of our report of even date attached. For G R C & Associates Chartered Accountants CA. P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance & Chairman-cum- M. No.-069682 CFO) Managing Director Place : Bhubaneswar (DIN-05297051) (DIN-00229586) Date : 30.07.2015 96 ODISHA HYDRO POWER CORPORATION LTD

SIGNIFICANT ACCOUNTING POLICIES : 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS 1.1 These financial statements have been prepared under the historical cost convention method in accordance with the Generally Accepted Accounting Principles in India (INDIAN GAAP) including Accounting Standards notified under the relevant provisions of Companies Act, 2013. 1.2 The Company follows Mercantile System of Accounting and recognizes significant items of income and expenditure on accrual basis except those with significant uncertainties. 2. USE OF ESTIMATES The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialized 3. LIABILITY The liabilities, which could not be ascertained at the time of transfer of Assets & Liabilities by Government of Orissa on 01.04.1996 are accounted for as and when settled. 4. FIXED ASSETS 4.1 TANGIBLE ASSETS (a) Tangible Assets are stated at cost net of recoverable taxes, trade discounts and rebates less accumulated depreciation and impairment loss, if any. The cost of Tangible Assets comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. (b) Subsequent expenditures related to an item of Tangible Asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance. (c) The grants-in-aid received against capital expenditure of projects are adjusted at the time of capitalization of assets on completion of respective projects. (d) Projects under which assets are not ready for their intended use are disclosed under Capital Work-in- Progress. (e) Fixed assets, which were transferred by Government of Orissa on 01.04.1996 under Transfer Scheme, are stated at transfer price. 4.2 INTANGIBLE ASSETS Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization /depletion and impairment loss, if any. The cost comprises purchase price, borrowing costs and any cost directly attributable to bringing the asset to its working condition for the intended use and net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.

97 5. IMPAIRMENT An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. 6. INVESTMENTS Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non Current investments are stated at cost. Provision for diminution in the value of Non Current investments is made only if such a decline is other than temporary. 7. INVENTORIES Inventories of stores, spares and consumables are valued on the basis of transfer price in respect of inventories transferred from Government on 01.04.1996 and at cost in case of inventories procured thereafter. 8. FOREIGN EXCHANGE TRANSACTIONS 8.1 Transactions denominating foreign currency are settled and accounted for at the exchange rates prevailing on the date of the transactions. 8.2 Monetary items denominated in foreign currency are translated at the exchange rate prevailing on the last day of the accounting year. 8.3. The Foreign Exchange fluctuation loss / gain in respect of the foreign currency loan relating to Projects after capitalization is debited / credited to Profit & Loss account. 8.4. Recovery of foreign exchange fluctuation loss raised to GRIDCO is accounted for on the basis of actual realization. 9. RECOGNITION OF REVENUE 9.1 Revenue is recognized on accrual basis as per energy sale bills raised on GRIDCO in accordance with Orissa Electricity Regulatory Commission's tariff order. In case of energy sales to CSPDCL, Revenue is recognized as per bills, raised on the basis of unit cost of generation of HHEP. 9.2 The ownership of the dam and appurtenant works of Upper Indravati Hydro Electric Project remains with OHPC. Share of the Department of Water Resources, towards 50% Operation and Maintenance cost of the dam has been recognized as revenue. 9.3 All other Revenues are accounted for on accrual basis except the following which are accounted for on cash / realization basis. (i) Interest on delayed payment on energy bills paid by GRIDCO. (ii) Cash discount from PFC for final repayment of loan. (iii) Electricity charges billed to Water Resources Department and other department. (iv) Recovery of compensation for loss of energy due to drawl of water by nearby Industrial Units. (v) Recovery of OERC application fee, publication expenses, ERPC fee, etc. (vi) Sale of scrap. (vii) Interest on security deposit with SOUTHCO.

98 10. DEPRECIATION 10.1 The depreciation is charged as per part B of schedule II of Companies Act 2013. 10.2 Depreciation is provided on prorate basis in the year in which the assets become available for use. 10.3 Assets costing Rs. 5000/- or less individually are depreciated fully in the year in which they are put to use. 10.4 Up to financial Year 2002-03, the Corporation was providing depreciation at the rates prescribed by the Electricity (Supply) Act,1948. However, consequent upon the enactment of the Electricity Act, 2003 and repeal of the Electricity (Supply) Act, 1948, depreciation was provided on straight line method as per the rates prescribed under schedule XIV of the Companies Act, 1956 up to the financial year 2013-14. 11. RETIREMENT BENEFITS 11.1 Liability towards Pension and Leave Encashment as at the end of the year is provided on the basis of actuarial valuation in accordance with AS-15 issued by The Institute of Chartered Accountants of India. 11.2 Liability towards Gratuity is made on the basis of actuarial valuation by LIC of India. For meeting the service gratuity liability, the Corporation has taken a group gratuity insurance policy with LIC of India. 11.3 The pension and service gratuity liabilities of ex-Hirakud Dam Project employees are accounted for on cash basis. 11.4 The pension & leave salary contribution in respect of employees under deputation to the Corporation are accounted for consistently in the year of payment on the basis of demand notice raised by A.G & other PSUs. 12. ALLOCATION OF CORPORATE OFFICE INCOME Corporate Office income over expenditure is allocated among the generating units on the basis of sales turn over ratio. 13. BORROWING COST Borrowing costs that are attributable to the acquisition, construction / renovation, modernization and uprating of fixed assets upto the date of commercial operation are capitalized as part of cost of such assets. Other borrowing costs are recognized as an expense in the period during which they are incurred.

14. INCOME TAXES Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realize the same. Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date. 15. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS 15.1. Provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is

99 probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. 15.2 Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. 15.3 Contingent assets are neither recognised nor disclosed in the financial statements. 16. MISCELLANEOUS 16.1 Liabilities for Goods in transit / capital works executed but not certified are not provided for, pending inspection & acceptance by the Corporation. 16.2 Dam maintenance cost for the current year has been made based on the bills submitted by DOWR on provisional basis. 16.3 Expenditures upto DPR for new projects are charged to P & L A/c (Survey and investigation) and thereafter where the new projects seems to be viable are capitalized. 16.4 Prior Period Expenses / income of items of Rs 1,00,000/- and below are charged to respective heads of account.

Note - 2 Figures in Rs. SHARE CAPITAL Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Authorised Capital : 1,00,00,000 Equity Shares of Rs.1000/- each 10,000,000,000 10,000,000,000 Issued, Subscribed and paid-up : 33,98,007 Equity Shares of Rs.1000/- each fully paid-up. 3,398,007,000 3,208,007,000 Total Share Capital 3,398,007,000 3,208,007,000 a) During current year 190000 new shares have been issued and there is no buyback of shares. b) Govt. of Odisha holds 3398007 numbers of equity shares of the company. The Reconciliation of the number of shares outstanding as at 31st March, 2015 is set out below. No. of Shares No. of Shares Shares outstanding at the beginning of the year 3208007 3208007 Shares issued during the year 190000 Shares bought back during the year - 0 Shares outstanding at the end of the year 3398007 3208007 The Details of shareholder holding more than 5% shares as at 31st March, 2015 is set out below : % Held as at 31st March, 2015 No. of Shares No. of Shares Governor of Odisha represented by DoE. 100% 3398007 3208007 3398007 3208007

100 Note - 3 Figures in Rs. RESERVES & SURPLUS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Capital Reserve Opening Balance (a) 190,000,000 190,000,000 Addition during the year - - Deduction during the year (190,000,000) - Closing balance (A) - 190,000,000 Dam Sharing Reserve Opening Balance (b) 1,000,000,000 1,000,000,000 Addition during the year - - Deduction during the year - - Closing balance (B) 1,000,000,000 1,000,000,000 Stock Reserve Account (UIHEP, Mukhiguda) Opening Balance - Addition during the year - Deduction during the year - Closing balance (C) - - Surplus Opening Balance 5,681,358,494 5,626,157,746 Less: Differential dividend tax - (1,092,331) Balance 5,681,358,494 5,625,065,415 Balance of Statement of Profit & Loss 155,944,174 87,955,511 Less: a) Dividend Paid - - b) proposed dividend (46,783,252) (26,386,653) c) Tax on dividend (9,353,867) (5,275,779) - Closing balance (D) 5,781,165,549 5,681,358,494 Total of Reserves & Surplus [(A)+(B)+(C)+(D)] 6,781,165,549 6,871,358,494 a) As decided by the Board in their 121st meeting, a sum of Rs.19.00 Crs. has been shown in current year as share capital in stead of Capital Reserve. b) As per the Order No.3060 dtd.31.03.2015 a sum of Rs.100.00 crores has been shown under the head capital reserve towards dam share. Note - 4 Figures in Rs. LONG-TERM BORROWINGS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 A. A. Bonds (Unsecured) i) Interest Free Convertible Bond-1(Govt. of Odisha) This bond is - 3,831,000,000 Convertible into equity at the option of State Govt.

101 ii) Interest Free Convertible Bond-2 (Govt. of Odisha) This bond is Convertible to - 3,831,000,000 Debentures after Govt. approval. Sub-total (A) 7,662,000,000 B. Term Loans from PFC 165,506,737 332,127,688 a) This loan is guaranteed by Govt. of Odisha. b) (i) The loan availed by HHEP, Burla for R M & U of Unit (3&4) is repaid quarterly on 15th of January, April, July & October. (ii) The foreign currency loan availed by BHEP, Balimela for extension project ( unit 7 & 8) is repaid half-yearly on 15th of June & December. c) There is no default in repayment of above loan during the year. A sum of Rs.263085/- is received from PFC as cash iscount for prompt payment which is shown as deduction from finance cost. Sub-total (B) 165,506,737 332,127,688 C. Term Loans from Govt. of Odisha [Unsecured] i. UIHEP - TL (1) 3,714,690,000 8,214,690,000 As per Dept. of Energy, Govt. of Odisha order No.3060 dtd.31.03.2015 the total loan of Rs.821.4690 Crs. is divided into two parts i.e. Rs.298.85 Crs. as equity pending for allotment shown under Note-9(xiv) and balance of Rs.522.6190 Crs. as loan with 7% interest payable w.e.f. 01.04.2006. This loan is payable in 15 equal annual instalments w.e.f. 2010-11 with 4 years moratorium. OHPC out of the said loan amount Rs 522.619 Crs., repaid Rs.151.15 Crs. during the current year & balance loan amount of Rs 371.469 Crs shown as above. ii. UIHEP - TL(2) 1,321,400,000 1,321,400,000 This is interest free perpetual loan iii. POTTERU 143,000,000 235,950,000 No interest is payable on this loan since 01.04.2001.as per the decision of Govt vide DoE Notification dt.29.01.2003 & DoE letter No. 2404 dtd.21.03.2011. However, the interest amount of Rs.92950000/- is waved by Dept . of Energy, Govt. of Odisha vide order No.3060 dtd.31.03.2015 and accordingly withdrawn from EDC A/c as the project is under the process of disposal. iv. Loan for old project 7,662,000,000 - As per original notification No. SRO 250 dtd.01.04.1996, a sum of Rs.766.20 Crs as (A) above was shown under the respective head. But as per Dept. of Energy. Govt. of Odisha order No. 3060 dtd.31.03.2015, the total bond amount of Rs.766.20 Crs. now treated as loan @ 7% interest which is payable from the Financial Year 2015-16 & shown accordingly. Sub-total ( C) 12,841,090,000 9,772,040,000 Total of Long-term Borrowings (A+B+C) 13,006,596,737 17,766,167,688

102 Note - 5 Figures in Rs. OTHER LONG-TERM LIABILITIES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Trade payables i. Sundry Creditors for supply of materials 23,568,822 23,672,815 ii. Sundry Creditors for works 7,945,624 4,557,248 iii. Sundry Creditors for others 36,698 50,999 Sub-total 31,551,144 28,281,062 Others i. Security deposit from contractors / suppliers 16,606,570 21,533,952 ii. EMD from contractors / suppliers 7,353,612 6,053,863 iii. Security deposit from employees 643,432 628,966 iv. Other security deposits 2,068,923 2,156,261 v. Retention money / withheld a/c 71,753,623 66,747,692 vi. Liability to employees 5,136,776 5,137,369 vii. Liability to others 81,503,285 99,312,043 viii. Interest Payable on UIHEP Govt. Loan 3,292,499,700 2,788,016,000 Sub-total 3,477,565,921 2,989,586,146 Total of Other Long-term Liabilities 3,509,117,065 3,017,867,208 Trade payables are subject to confirmation . Pending such confirmation, the balance as per books have been taken into account Note - 6 Figures in Rs. LONG-TERM PROVISIONS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Provision for employee benefits 431345571 387,559,298 ii) Provision for Others 5,419,221 3,908,615 Total of Long-term Provisions 436,764,792 391,467,913 Note - 7 Figures in Rs. SHORT-TERM BORROWINGS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Short - term borrowings from banks - - Sub-total - - Note - 8 Figures in Rs. TRADE PAYABLES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Sundry Creditors for supply of materials 5,005,821 3,394,644 ii) Sundry Creditors for works 11,742,493 3,466,625 iii) Sundry Creditors for others 3,309,054 1,232,547 Total of Trade payables 20,057,368 8,093,816 Trade payables are subject to confirmation. Pending such confirmation, the balance as per books have been taken into account

103 Note - 9 Figures in Rs. OTHER CURRENT LIABILITIES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Current maturities of loan from Power Finance Corporation 164,855,358 164,855,360 ii) Interest accrued but not due on PFC loan 6,099,488 8,472,345 iii) Employees liabilities 123,004,696 255,882,794 iv) OHPC PF Trust 38,098,255 357,239 v) Liability to others 479,898,332 283,419,507 vi) Security deposit from contractors / suppliers 41,219,891 36,202,238 vii) EMD from contractors / suppliers 9,933,045 8,099,500 viii) Security deposit from employees - 2,369 ix) Other security deposit 43,000 24,000 x) Retention money / withheld a/c 52,003,171 17,052,469 xi) Advance against sale of scrap 8,072,926 9,134,605 xii) Payable to APGENCO on Machhakunda a/c 115,690,955 235,635,535 xiii) Payable to Machhakund 20,029 20,029 xiv) State Govt. Loan converted to equity pending for 2,988,500,000 - allotment (Refer Note -4-C (i) ) Total of Other Current Liabilities 4,027,439,146 1,019,157,990 a) The management of 30 % share of Government of Odisha in Machhkund Joint Hydro Electric Project was transferred to OHPC vide Department of Energy, Govt. of Odisha Notification No.6052, dt.29.03.97 with effect from 01.04.1997. The erstwhile OSEB now GRIDCO and APSEB now APGENCO are the beneficiaries of this project. APGENCO has not raised provisional bill towards O & M cost for the current year. Accordingly, OHPC has taken the last year reconciled O & M cost during the current year details of which are given below.

30% share of O&M cost 89902794 Cost of Power beyond 30% share 5781688 T O T A L 95684482 OHPC received an amount of Rs 10,17,65,001/- in 2014-15 from GRIDCO including arrear dues of APGENCO for 2013-14 towards cost of power & O&M charges. OHPC has remitted to APGENCO. An amount of Rs.19,70,00,000/- during the year 2014-15 showing the balance amount payable to APGENCO of Rs.11,56,90,955/- as on 31.03.2015. As the Odisha share of assets and liabilities have not been quantified and transferred to OHPC , the receipts and payments on account of Manchkund project are not shown in the profit and loss account of OHPC . b) Liability to others includes Rs.10.00 Crs received from GEDCOL as Grant-in-Aid towards infrastructure development for solar power porject at Manamunda, Boudha District.

104 Note - 10 Figures in Rs. SHORT-TERM PROVISIONS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 (A) Provision for employee benefits i) Provision for arrear salary 2,172,335 4,263,242 ii) Provision for bonus 374,742 3,017,818 iii) Liability for leave encashment of employees 13,129,038 6,172,767 Sub-Total (A) 15,676,115 13,453,827 (B) Other provisions i) Provision for Income-tax (MAT) 23,324,938 ii) Provision for Income-tax 310657324 - iii) Provision for proposed dividend 46,783,252 26,386,653 iv) Provision for dividend Tax 9,353,867 5,275,779 v) Provision for Others 39,017,427 43,774,558 Sub-total (B) 405,811,871 98,761,928 Total of Short-term Provisions (A+B) 421,487,985 112,215,755

Note - 11 Figures in Rs. TANGIBLE ASSETS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Gross Block 31,664,762,554 31,625,576,107 Accumulated Depreciation 20,813,063,286 17,866,536,629 Net Block 10,851,699,268 13,759,039,478

Note - 12 Figures in Rs. INTANGIBLE ASSETS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 00

105 360,990 662,824 396,453 140,570 1.04.14 1,091,512,686 1,587,547,485 9,467,379,852 1,493,586,392 13,759,039,478 14,714,512,399 928,820 673,781 Figure in Rs. final settlement with 25,558,791 26, .D.V as on.D.V as on W.D.V 1,089,807,819 1,089,807,819 6,841,767,524 6,841,767,524 te Govt. as on 01.04.1996 and d and freehold land separately in the name of OSEB.The title on and fixing of upset price is in 5,151,968 6,155,218 7,976,928 9,145,560 8,353,234 6 and procurement of Industrial land 70,938,020 19,323,702 14, 26,997,483 18,661,167 20, 50,130,998 12,663,983 7,425,211 pect of the assets procured after 813,063,286 10,851,699,268 866,536,629 13,759,039,478 otal as on W 2,554,341,156 1,463,909,147 1,635,024,817 1,336,456,207 31.03.2015 31.03.2015 16,394,261,707 216,739) 17, (774,109) 20, during Deletion T 696,314 (277,167) (423,402) (694,759) 31,754,463 (542,409) (79,350) (8,811,936) (4,009,681) (3,332,400) Adjustment depreciation DEPRECIATION NET BLOCK 119,745 741,452 132,450,274 101,292,130 66,788,114 Addition 1,060,308,895 1,582,022,175 1,308,738,741 1,638,562,027 1,261,078,962 (2, 3,447,101 1,704,867 - - 1.04.2014 2,430,702,818 Balance as on 7,084,038 6,312,640 57,313,254 29,578,408 3,294,216 17,122,488 7,857,237 otal as on 2,971,481,024 1,466,944,574 31.03.2015 23,236,029,231 13,751,930,637 31,664,762,554 17,866,536,629 31,625,576,107 16,607,674,406 (83,526) (251,601) (739,722) during the year the year (8,629,602) (9,452,850) Deletion T 97,617 - 995,543 GROSS BLOCK 2,311,755 - 90,261,722 73,287,143 1,660,558 Addition 10,950,058 - 123456 78910 6,986,421 87,949,967 61,671,188 2,135,888 - 63,807,076 20,310,198 3,567,911 6,452,419 30,330,528 33,476,548 41, 44,586,031 1,072,619 - 45,658,650 24,189,578 2,111,590 55,718,978 2,333,998 16,210,471 1.04.2014 1,094,959,787 - - 1,094,959,787 4,018,250,303 - - 4,018,250,303 2,960,530,966 23,219,310,489 25,348,344 31,625,576,107 48,639,29731,322,186,805 303,640,903 amount of Rs.17,04,867/- has been amortised during the year for leasehold land. from IDCO for construction of training centre. In case of UIHEP, land consists of transfer value and reservoir from Sta from IDCO for construction of training centre. In case UIHEP, leasehold lands are still subsequent additions at cost after 01.04.1996 to the date of Balance Sheet. In case Balimela HEP, The company is in the process of identifying leasehol deeds of all the lands are yet to be registered in favour Company. . date of transfer. The value of fixed assets does not include the building and equipment gifted by DFID for OHPC Training Centre. Insurance Companies and no depreciation has been charged during the year under audit. process. Necessary accounting treatment will be made in the subsequent period after final disposal of same. shall be removed from Gross Block in the year of BURLA Assets amounting to Rs75,20,322/-. burnt in fire during 2012-13 of HHEP, Instalation Civil Works Equipment GRAND TOTAL Previous year Figure Electric Mechanical Work Fixture Township Particulars (ii) An (ii) (iii) The value of fixed assets includes cost machinery & vehicles declared surplus / obsolete for which necessary verificati (iv) 11 Training Centre 1 LAND (a) 3 Power House 2 Power House 10 Supply Water 9 Electrical Instalation 8 Misc.Assets 4 Civil Building/ 7 Office Equipment 6 Furniture & 5 Vehicles 59,401,506 3,393,475 - 62,794,981 51,976,295 1,487,103 Sl. No. Balance as on Note - 11 FIXED ASSET & DEPRECIATION AS ON 31.03.2015 & DEPRECIATION ASSET FIXED a. (i)April 199 from 1st Govt. to the Corporation with effect Land consists of those transferred from the erstwhile OSEB / State b.(i) The fixed assets registers are maintained on the basis of transfer price from State Govt. and at cost in res

106 Note - 13 Figures in Rs. CAPITAL WORK-IN-PROGRESS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Land (Development of 7 & 8th Unit of Extension Project) 303,111 303,111 ii) Building 118,238,452 91,434,278 iii) Road, Bridge, Culvert & Other Civil Works 13,465,998 15,559,500 iv) Water Supply Installation 109,804 109,804 v) Plant & Machinery (Construction) 115,619,005 115,619,005 vi) Plant & Machinery (Generation) 6,844,288 6,588,738 vii) Hydro. Works, Dams, Tunnels & Pen Stock 39,235,637 39,235,637 viii) Substation Equipments 32,097,715 6,245,021 ix) Transmission Lines 386,978 386,978 x) Vehicles 663,140 663,140 xi) Furniture & Fixture 137,685 137,685 xii) Office Equipments 443,751 443,751 xiii) Electrical Installations 200,689 200,689 xiv) Telephone, Telex & fax M/c - - xv) Miscellaneous assets 14,326 14,326 xvi) Expenditure During Construction - 165,557,981 xvii) Capital WIP - Kolab Unit 170,030,516 - xviii) Sindol Project 2,877,905 2,877,905 xix) Office Building 2,973,515 2,973,515 xx) Staff Quarters 380,605 380,605 Total Work-In-Progress 504,023,120 448,731,669 As per the Order No.3060 dtd.31.03.2015 of Deptt. of Energy, Govt. of Odisha, the EDC amounting to Rs.16,55,57,981/- on Potteru Small Hydro Electric Project including interest of Rs.9,29,50,000/- on Govt. Loan as shown under Note 32 has been withdrawn & charged to P & L A/c in the current year as the said project is under the process of disposal. Note - 14 Figures in Rs. NON-CURRENT INVESTMENTS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Odisha Thermal Power Corporation Limited (A joint venture 1,142,047,000 1,042,047,000 Company between OMC & OHPC 50% each share holding) 11,42,047 shares of Rs. 1000/- each. ii) Baitarni West Coal Company Limited (BWCCL). (A joint 100,000,000 100,000,000 venture Company among OHPC, GPCL & KSEB with 1/3 each share holding) 100000 shares of Rs.1000/- each iii) Odisha Coal & Power Limited (OCPL). (A joint venture 245,000 Company between OHPC & OPGC with 51% share of OPGC & 49% share of OHPC) 24500 shares of Rs.10/- each iv) 4,98,900 fully paid equity shares of Rs.1000/- each in Green 498,900,000 70,000,000 Energy Development Corporation of Odisha Ltd. (GEDCOL). A 100% subsidiary company of OHPC. Total of Non-Current Investments 1,741,192,000 1,212,047,000

107 Note - 15 Figures in Rs. LONG-TERM LOANS AND ADVANCES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 (A) Capital Advance Advance for Capital Expenditure and Capital advance paid for extension 3,851,758 4,097,008 project of unit 7&8 Balimela & Potteru small HEP (B) Security Deposit Deposit with others 25,856,930 29,801,682 Other Loans & Advance i) Advance to supplier 10,064,244 38,629,790 ii) Advance to contractor 17,099,332 (6,636,080) iii) Advance to others 14,707,310 17,739,868 iv) Advance to staff (55,736) (23,245) Total of Long-Term Loans and Advances 71,523,838 83,609,023 (a) Advance to supplier, contractor & others are subject to confirmation. Pending such confirmation, the balance as per books have been taken into Accounts. (b) All long term loans & advances is unsecured but considered good

Note - 16 Figures in Rs. OTHER NON-CURRENT ASSETS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 (A) Long-term Trade Receivable Sundry Debtor for sale of Power 17,665,841 6,329,389,481 (B) Others i) Sundry Debtor for others 696,150 2,004,828 ii) Claims receivable 12,548,814 479,214 iii) Debt. Securitisation of GRIDCO Dues 6,190,000,000 - Total of Other Non-Current Assets 6220910805 6331873523

Note - 17 Figures in Rs. CURRENT ASSETS - INVENTORIES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Stores & Spares 569,982,192 499,761,175 ii) Less Provision for fire, theft & shortage (Note -33) 22,984,219 22,804,974 Sub total 546,997,973 476,956,201 i) Loose tools 931,187 931,187 ii) Inventory in transit - 194,243 Total of Inventories 547,929,160 478,081,631 During the year, only indigenous spares has been consumed. The percentage of consumption of imported spares to total consumption is nil.

108 Note - 18 Figures in Rs. CURRENT ASSETS- TRADE RECEIVABLES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Sundry Debtor for sale of Power (Outstanding for a period exceeding six months from the due 390,756,113 - date of payment.) ii) Sundry Debtor for sale of Power 973,781,803 449,729,662 (Outstanding for a period up to six months from the due date of payment.) Total of Trade Receivables 1,364,537,916 449,729,662 (i) All debtors stated at Note -16 (A) & 18 amounting of Rs.138.22 Crs. as on dt.31.03.2015 are considered good. (ii) Unsecured considered doubtful -Nil Company Less than 6 months More than 6 months TOTAL GRIDCO Rs.97,24,90,995/- Rs.38,95,73,674/- Rs.136,20,64,669/- CSPDCL Rs.12,90,808/- Rs.11,82,439/- Rs.24,73,247/- Total Rs.97,37,81,803/- Rs.39,07,56,113/- Rs.136,45,37,916/-

Note - 19 Figures in Rs. CASH & CASH EQUIVALENTS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Cash in hand 168,981 193,103 ii) Postal orders & stamps 18,094 31,671 Sub-total (A) 187,075 224,774 i) Remittance in transit - 10,111 Sub-total (B) - 10,111 i) Balances with banks held as margin money 310,000,000 390,000,000 ii) Earmarked balance with banks 8,738,570,000 8,110,000,000 iii) Other bank balance 75,938,927 123,139,322 Sub-total (C) 9,124,508,927 8,623,139,322 Total of Cash & Bank Balance (A) + (B) + (C) 9,124,696,001 8,623,374,207 i) OHPC has pledged (a) Fixed deposit of Rs.25 Cr. with Panjab & Sind Bank, Ashok Nagar Branch, Bhubaneswar towards its 1/ 3 rd share of margin for facilitating the JV company BWCCL to provide BG of Rs.75,00,00,000/- in favour of Ministry of Coal, Govt. of India. (b) Fixed deposit of Rs.6.00 Crs. with Axis Bank, Basua Ghai Branch, Bhubaneswar towards performance Bank Guarantee on behalf of GEDCOL. ii) Earmarked balance with banks for the following purpose.

31.03.2015 31.03.2014 Terminal Liabilities 60,000,000 230,000,000 Loan Repayments 780,000,000 1,400,000,000 JV & new project 5,498,570,000 4,500,000,000 RMU & new projects 2,400,000,000 1,980,000,000 Total 8,738,570,000 8,110,000,000

109 Note - 20 Figures in Rs. CURRENT ASSETS- SHORT-TERM LOANS Figures as at the end Figures as at the end AND ADVANCES of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Unsecured considered good : i) Prepaid Expenses 10,306,540 8,517,097 ii) Deposit with others 1,899,629 1,899,629 iii) Advance to supplier 25,513,967 20,119,627 iv) Advance to contractor 37,803,238 30,131,615 v) Advance to others 10,963,076 9,874,363 vi) Advance to staff 30,728,106 28,772,271 vii) Advance Income Tax (TDS) (Ref. note 42 (f)) 439,690,505 329,703,229 viii) Advance Income-tax (FBT) - 212,610 ix) Advance Income-tax (MAT) 219,186,000 23,324,938 x) OHPC Pension Fund - - xi) OHPC Rehabilitation Assistance Trust Fund 10,000 10,000 xii) Advance Sales Tax 592,326 - Total of Short-Term Loans and Advances 776,693,386 452,565,378 Note - 21 Figures in Rs. CURRENT ASSETS - OTHER CURRENT ASSETS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Claims receivable 34,983,385 27,845,839 ii) Dam Share Receivable from W.R. Department - - iii) Other Misc. assets 449,165 765 iv) Receivable from Gridco on Machhakund a/c 27,564,831 52,282,412 v) Other receivable from staff 1,784 1,784 vi) Interest accrued but not due on bank deposits 333,953,087 475,153,493 vii) Interest receivable from Others 477,896 - viii) Advance Income Tax - - Total of Other Current Assets 397,430,148 555,284,293 Note - 22 Figures in Rs. REVENUE FROM OPERATIONS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Sale of Electricity 4,881,265,969 4,511,229,611 ii) Compensation for loss of Energy 45,299,051 - iii) Other operating revenue 5,847,884 6,111,679 Total of Revenue from operations 4,932,412,904 4,517,341,290 Other operating revenue relates to direct sale of electricity by OHPC to its employees / contractors and comprised of the following : Electricity charges recovery - Employees: Rs.17,90,751/- Rs.18,23,006/- Electricity charges recovery - Contractors: Rs.40,57,333/- Rs.42,88,673/-

110 Note - 23 Figures in Rs. OTHER INCOME Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Interest on Employees advances 29,717 262,389 ii) Interest on Bank Deposits 959,641,604 813,832,518 iii) Interest on others 6,110,934 - iv) Interest in lieu of DPS from GRIDCO 144,433,334 - v) Sale of tender papers 2,944,761 3,798,034 vi) House rent recovery 1,756,566 954,100 vii) Vehicle charges recovery 416,653 1,020,045 viii) Electricity charges recovery - Employees 573,395 637,045 ix) Electricity charges recovery - Contractors 9,736,492 7,897,076 x) Guest house charges recovery 275,484 372,290 xi) Sale of scrap 1,470,853 15,479,567 xii) Other miscellaneous receipt 1,622,765 1,497,129 xiii) Recovery from Penalties 1,444,784 1,890,097 xiv) Receipt from RTI 1,791 2,544 xv) Insurance Claim Receipts 939,297 367,200 xvi) Forfeiture of EMD/SD 218,375 55,319 xvii) Dam Share From DOWR (UIHEP) 124,374,481 1,110,665,481 xviii) Profit on sale of Assets - (4,506) xix) Recovery of foreign exchange fluctuation loss 59,900,000 - xx) Profit on sale of Inventory 64,550 1,348,254 Total of Other income 1,315,955,836 1,960,074,582 (a) Interest income of Rs. 95,96,41,604/- on short term deposits with the Banks which includes Rs.10,99,87,276/- as TDS.

Note - 24 Figures in Rs. REPAIR & MAINTENANCE EXPENSES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) R&M to Plant and Machinery 189,712,684 121,173,512 ii) R&M to Building 37,484,030 50,564,181 iii) R&M to Civil Works 43,069,019 50,419,878 iv) R&M to Hydraulic Works 7,582,472 13,945,856 v) R&M to Line Cables Networks 4,399,037 2,704,442 vi) R&M to Vehicles 1,417,070 1,249,099 vii) R&M to Furniture & Fixture 72,680 72,692 viii) R&M to Office Equipments 1,476,436 1,841,200 ix) R&M to Electrical Installation 3,624,632 6,632,410 x) R&M to Water Supply Installation 5,094,267 4,691,396 xi) R&M to Misc. Assets 141,911 304,731 xii) R&M to Substation Equipment 4,796,139 5,316,689 xiii) R & M to Dam Maintenance 321,964,978 225,427,767 Total 620,835,355 484,343,853 Less Expenditure During Construction - 476,938 Total of Repair & Maintenance Expenses 620,835,355 483,866,915

111 Note - 25 Figures in Rs. OPERATION EXPENSES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Power and fuel 10,108,127 10,531,693 ii) Insurance charges of Power House 14,467,119 13,136,310 iii) Oil, Lubricant & Consumables 22,670,217 27,706,013 iv) Transportation Charges 348,099 107,311 v) Hire charges of vehicles / machineries 12,612,747 11,577,802 vi) Refreshment(Operation) 512,866 501,859 vii) Other Operation expenses 2,650,211 339,547 ix) Watch & Ward of Power House 35,118,994 39,230,216 Total 98,488,380 103,130,751 Less Expenditure During Construction - 181,231 Total Operation Expenses: 98,488,380 102,949,520

Note - 26 Figures in Rs. EMPLOYEE BENEFIT EXPENSES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Salary & Allowances 518,168,119 413,050,655 ii) Wages & Allowances 455,190,462 399,230,620 iii) Over time 961,691 1,499,393 iv) Bonus 351,349 375,376 v) Payment to Apprentices & Trainees 3,831,416 4,532,285 vi) Contribution to PF and other Funds 427,703,712 570,193,416 vii) Employees welfare expenses 66,693,128 66,544,992 viii) Other employee benefit expenses 126,134,333 82,780,943 Total 1,599,034,210 1,538,207,680 Less Expenditure During Construction - 2,613,749 Total of Employee Benefit Expenses 1,599,034,210 1,535,593,931 Employee cost includes Salary and Allowances paid to the Key Managerial Personnel as given below: Current Year Previous Year (in Rs.) (in Rs.) Salaries & Allowances 6,117,659 5,996,130 Sitting Fees paid to Indipendent Directors 727,086 543,050

Note - 27 Figures in Rs. ADMINISTRATIVE & GENERAL Figures as at the end Figures as at the end EXPENSES of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i) Rent 5,765,650 5,871,746 ii) Rates and Taxes 1,010,677 717,790 iii) Licence & Registration Expenses 77,428 42,000 iv) Fees & Subscriptions 342,235 1,926,734 v) Insurance Charges 2,100,697 733,881

112 vi) Communication Expenses 4,035,832 7,506,558 vii) Traveling & Conveyance Expenses 25,234,036 22,817,699 viii) Printing & Stationery 4,081,684 3,935,969 ix) Bank Charges 89,033 17,746 x) Electricity & Water Charges 60,882,026 68,065,239 xi) Legal Expenses 3,908,777 1,993,709 xii) Professional & Consultancy Charges 2,846,727 3,525,525 xiii) Audit Fees & Expenses (a) 2,730,276 2,707,433 xiv) Advertisement & Publicity 3,740,229 5,485,370 xv) Training, Seminar & Conference 5,935,065 6,910,377 xvi) Office Upkeep & Maintenance 1,915,502 1,628,366 xvii) Watch & Ward charges 20,838,690 16,738,949 xviii) Repair & Maintenance others 18,857 70,252 xix) Recruitment Expenses 347,484 955,538 xx) Meeting Expenses 1,547,669 1,524,541 xxi) Transit House expenses 740,687 1,501,058 xxii) Electrical Accessories 2,550 62,825 xxiii) Donations - 10,000,000 xxiv) Loss of Asset 49,139 - xxv) Loss on Inventories 179,245 758,986 xxvi) Afforstation expenses 14,103,239 xxvii) Peripheral Development 10,257,930 xxviii) Other Administrative & General Expenses 24,709,990 38,235,778 Total 187,233,424 213,991,999 Less Expenditure During Construction - 3,828,597 Total of Administrative & General Expenses 187,233,424 210,163,402 (a) Remuneration to Auditors. Figures in Rs. Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Statutory Audit Fees 384,000 384,000 Statutory Audit Expenses 452,353 224,204 Other Audit Fees 1,221,000 1,239,000 Other Audit Expenses 539,839 860,229 Grand Total 2,597,192 2,707,433 Note - 28 Figures in Rs. PRIOR PERIOD EXPENSES / (INCOME) Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i. Repair & Maintenance (120,000) 2,594,890 ii. Operational Expenses (118,247) (62,725) iii. Employee Cost (295,969,098) (7,661,015) iv. Administration & General Expenses - (1,369,570) v. Depreciation - (112,997) vi. Income from Operation - (19,784,585) vii. Other Income (100,000) (127,170,227) viii. Sale of power - - ix. Interest income (2,882,972) Prior Period Expenses ( Net) (299,190,317) (153,566,229)

113 Note - 29 Figures in Rs. FINANCE COST Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 i Interest on Bank Loan 1,781,777 37,936,950 ii Interest on PFC Loan 38,397,864 53,000,367 iii Interest on GOVT. Loan(UIHEP) 504,483,700 2,788,016,292 iv Cash discount (PFC interest) (263,085) (425,222) Sub-total (A) 544,400,256 2,878,528,387 B. Other Borrowing costs : i) Guarantee Commission 10,812,000 10,812,000 Sub-total (B) 10,812,000 10,812,000 C. Gain or loss on foreign currency transaction / translation : i) Foreign Exchange Fluctuation Loss 29,503,107 35,696,429 Sub-total ( C) 29,503,107 35,696,429 Total Finance Cost (A+B+C) 584,715,363 2,925,036,816 The State Govt has provided Govt Guarantee for availing long term loan from PFC for different projects of OHPC. Guarantee Commission @ 0.5 % on the maximum amount guaranteed are provided in accounts. However, pursuant to the Govt. of Odisha, Finance Deptt. Resolution No.23663 dtd. 04.06.2003, Guarantee Commission has been paid to the State Govt. at the rate of 0.5% on the outstanding loan amount at the beginning of the year effective from 01.04.2004.

Note - 30 Figures in Rs. SELLING & DISTRIBUTION EXPENSES Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Rebate on sales realization 43137450 316364 Total of Selling & Distribution Expenses 43137450 316364 Note - 31 Figures in Rs. EXCEPTIONAL ITEMS Figures as at the end Figures as at the end of current reporting of previous reporting period ended period ended 31st March-2015 31st March-2014 Voluntary separation scheme payment - 695,742 Total Exceptional Items - 695,742

Note - 32 EXPENDITURE DURING CONSTRUCTION Figures in Rs. Figures as at the end Figures as at the end Sl. P A R T I C U L A R S of current reporting of previous reporting No. period ended period ended 31st March-2015 31st March-2014 1 Repair & Maintenance expenses - 476,938 2 Operational Expenses - 181,231 3 Employees & Other related expenses : Salary & Allowances - 2,130,217

114 Contributions - 68,661 Employees welfare expenses - 12,757 Terminal Benefit - 328,170 Others - 73,944 sub-total : - 2,613,749 4 Administrative & General expenses : Rent, rates and taxes - - LICENSE & REGN. EXPENSES - 4,000 Communication expenses - 9,305 Traveling & conveyance expenses - 268,975 Printing & stationery - 4,536 Bank charges - - Electricity & water charges - 54,131 Legal expenses - 1,270 Audit Fees & Expenses - - Professional & consultancy charges - - Advertisement & Publicity - - Office upkeep & Maintenance - 6,535 Watch & ward charges - 3,475,035 Meeting expenses - - TRANSIT HOUSE EXPENSES - - 5 Other misc expenses - 4,810 sub-total : - 3,828,597 Interest & financial charges : Interest on PFC Loan - - 6 Guarantee Commission - - sub-total : - - 7 TOTAL - 7,100,515 8 Receipts & recoveries on capital account - - 9 Net Exp. During Construction - 7,100,515 10 Add: 1) Opening Balance of Exp. During Consn. - 158,457,466 2) Adjustment during construction 11 TOTAL - 165,557,981 Less Capitalised during the year - - GRAND TOTAL : (transferred to Note-13) - 165,557,981

Note - 33 The book value of stores & spares partly not available due to theft, fire and shortages in both civil stores Mukhiguda & Central Stores Khatiguda of Civil wing as per the stock verification report of M/s. JBMT Associates, C.A., Bhubaneswar for the year ending 31.03.2015 are as follows :- Particulars Civil Stores Central Store HHEP Burla Total Amount Mukhiguda (Rs.) Khatiguda (Rs.) (Rs.) Theft 2,73,311.79 13,75,322.50 0.00 16,48,634.29 Fire Damage 0.00 1,55,12,500.10 0.00 1,55,12,500.10 Shortages. 18,86,899.76 5,81,279.23 1,97,006.00 26,65,184.99 Total Loss of Stores up to 31.03.12 21,60,211.55 1,74,69,101.83 1,97,006.00 1,98,26,319.38

115 Theft during 2012-13 17,08,318,.33 0.00 0.00 17,08,318.33 Shortages during 2012-13 3,81,310.38 71,799.75 0.00 4,53,110.13 Shortages during 2014-15 0.00 2,85,599.42 0.00 2,85,599.42 Total loss of stores as on 31.03.2015 42,49,840.26 1,78,26,501.00 1,97,006.00 2,22,73,347.26 (a) The total loss of stores due to theft and shortages for the year 2014-15 in the Electrical Store, Mukhiguda was Rs.7,10,862. Provision has already been made in the books of accounts of UIHEP, Mukhiguda by debiting loss of inventory A/c & crediting provisions for fire, theft & shortages. (b) The value of inventory of Hirakud HEP as on 31st March,2015 includes the cost of spares theft in the year 2008, amounting to Rs.4,15,350/-. Out of the said amount, Rs.2,18,344/- has been received from insurance company as full and final settlement of the claim in the year 2010-11 and provision has been made for balance amount of Rs.1,97,006/- in the accounts 2011-12 which is yet to be written off.

Note - 34 The following Revenues have not been recognized in books of account due to uncertainty in collection as per AS-9 (a) The outstanding electricity charges payable by Rengali Dam Division to OHPC for the period from 01.04.96 to 31.03.2015 amounting to Rs.15,95,67,649/- for street light, water supply & gate operation etc. which includes Rs.1,37,80,420/- for the current year. (b) The outstanding Energy Charges of Rs 91,60,735/- of UIHEP, Mukhiguda are pending with different offices of DOWR, BSNL & banks for which letters for confirmation of balance as on 31.03.2015 were issued on 08.04.2015 by speed post but confirmations were not received viz. Amount in Rs Amount in Rs E.E, Right Canal Divn. 4,46,311/- E.E., Left Canal Divn. 4,43,464/- SDO, BSNL,Nabarangpur 8,32,088/- E.E.,Quality Control Divn.4 8,08,359/- SDO, BSNL,Dharamgarh 12,11,191/- Chif Engineer, Irrigation 12,99,053/- SBI, Jaipatna 1,20,269/- Total Receivable from DOWR : 69,97,187/- Total Receivable from BSNL&Banks : 21,63,548/-

Note - 35 Foreign currency transactions: Particulars 2014-15 2013-14 (Rs.) (Rs.) Expenditure incurred in foreign currency on cash basis being payment NIL 9,59,038 made to consultants. Value of Imports calculated on CIF basis being components, spare parts and 7,14,30,624 Nil construction materials through LC.(¥ 126588000) Traveling expenses 7,14,30,624 9,59,038

Note - 36 Liabilities towards Pension, Gratuity and Leave Encashment have been provided in the accounts based on the actuarial valuation and in accordance with AS-15. Sl. Particulars 2014-15 As at 31.03.2015 No. (Rs.) (Rs.) 1. Pension 5,61,39,265 576,07,11,938 2. Leave Encashment 6,71,49,807 44,44,74,609 3. Gratuity 60,18,255 65,71,489

116 As against the aforesaid liabilities towards Pension, an amount of Rs.570,08,53,235/- has been paid to the OHPC Pension Fund till 31.03.2015. Accordingly the balance amount of Rs.5,98,58,703/- has been included in Note-9 under the head employee liabilities. As regards gratuity liability, the corporation has taken a group gratuity Insurance Policy with L.I.C of India w.e.f. 01.01.2005 and 01.04.2014. During the year under audit, OHPC has paid Rs.60,11,500/- to the Gratuity trust fund out of which Rs. 11,500/ has been paid directly to employees (CHEP) through Gratuity Trust Fund. Pension liability in respect of deputationists for their service in OHPC has not been ascertained. The payments that may be made by OHPC on receipt of claims for the deputationists shall be accounted for on cash basis in the year of payment.

Note - 37 The Company is exclusively engaged in the business of generation of hydro power in the state of Odisha, which is considered to constitute one single segment as per 'AS-17'.

Note - 38 The consolidate financial statement has been prepared separately taking the Audited Accounts of OHPC, GEDCOL, OTPCL & BWCCL with Generally Accepted Accounting Principles as per Companies Act 2013. Inadvertent omissions or errors if any will be rectified in the accounts of year of identification.

Note - 39 Depreciation charged during current financial year for Rs.294,73,00,768/- out of which 163,85,62,026/- is pertaining to previous financial years as detailed below on account of change of rate of depreciation from Companies Act to Electricity Act. Name of unit Depreciation charged under Depreciation charged under Increased or Electricity Act, from Company Act, from decreased of FY 2009-10 to 2013-14 FY 2009-10 to 2013-14 Depreciation BHEP 120,62,63,815 1,133,992,790 72,271,025 UIHEP 307,05,28,422 1,943,436,691 1,127,091,731 RHEP 49,82,65,832 455,468,897 42,796,935 UKHEP 64,65,04,491 580,092,185 66,412,306 CO 1,25,54,474 12,984,874 (430,400) CHEP 73,96,80,844 518,023,894 221,656,950 HHEP 87,44,46,023 765,682,544 108,763,479 Total 704,82,43,900 5,409,681,875 1,638,562,026

Note - 40 Details of MAT Credit entitlement and set off which are given as follows : Assessment Tax liability MAT credit Cumulative Mat Credit Set Mat Credit under MAT entitlement MAT credit off` entitlement carry forward. 2007-08 68,183,772 68,183,772 68,183,772 2008-09 155,087,962 155,087,962 223,271,734 2009-10 22,711,002 22,711,002 245,982,736 2010-11 55,247,104 55,247,104 301,229,840 2011-12 93,526,249 93,526,249 394,756,089 2012-13 192,969,992 192,969,992 587,726,081 2013-14 117,892,154 117,892,154 705,618,235 2014-15 12,71,65,063 2015-16 57,84,53,172 NIL

117 Note - 41 a) The Company spent Rs.134.80 lakhs towards CSR for conservation of Natural Resources under Schedule -VII and Item (iv) of Companies Act 2013. The computation details are as follows : Rs in Lakhs. Sl. Year 2011-12 2012-13 2013-14 2014-15 No. 1. Net profit before tax as per Section 198 9560.50 5892.32 1112.32 - 2. Average profit for last 3 years - - - 5521.87 3. 2% of average profit - - - 110.44 4. Expenditure made during the year - - - 134.80

a) Amount spent during the year on : Rs in Lakhs. Sl. In cash\ Yet to be paid in Total No. Cheque cash i. Construction/acquisition of any asset. ii. On purposes other than (i) above 134.80 134.80

Note - 42 Contingent liabilities : a. (Rs. in crores) As at As at 31.03.15 31.03.14 (a) Estimated amount of contracts to be executed on capital account (net of advances 33.05 8.72 and LCs opened) UIHEP, Mukhiguda & HHEP, Burla (b) Claims against the Company not acknowledged as debt: (i) Stamp duty on bonds of Rs.766.20 crores issued to GoO on account of up- 5.75 5.75 valuation of assets which has been kept in abeyance. (ii) EPF & Sales Tax liability of UIHEP, Khatiguda 0.32 0.31 (iii) Claims of the contractor M/s Trafalgar House Construction (T) Satyam 65.57 65.57 Sankaranarayan Joint Venture of UIHEP, Khatiguda (iv) Workman compensation pending before the Hon'ble High Court of Odisha. 0.06 0.06 (CHEP) (v) ED liability to Govt of Odisha 0.00 0.1361 (vi) Claim of Dam Division, Rengali Dam site under water Resources Department 0.15 0.14 towards water rent in respect of residential & non-residential building of OHPC (RHEP) (vii) Entry Tax, appeal before the commission of commercial Taxes, Cuttack (BHEP). 0.01 0.01 (viii) Differential pension payable to employees transferred from the State 21.28 21.28 Government & Ex-OSEB to OHPC. (ix) Differential Interest @ 7% for the period from 2006-07 to 2014-15 on State 0.00 13.22 Government loan for UIHEP, Mukhiguda Rs.23.61crs (521.47-497.86). (x) Wrong assessment of water cess by Department of Water Resources and 0.01 0.01 interest charged thereon.

118 (xi) 50% of the Fixed deposit of Rs.25 Crs. pledged for the BG of BWCCL in 12.50 12.50 favour MOC, GoI. (xii) Arrear wages payable to non-executive employees due to implementation 0.00 5.08 of revision wage Board w.e.f. 01.04.2010 (xiii) Current year differential Dam Maintenance cost due to non receipt of bill / 0.00 8.57 receipt of abnormal bill (xiv) (i) Pending cases on account of Income Tax refund with different appellate 9.32 4.12 authority for the Assessment Year 2006-07, 2007-08, 2009-10 2010-11, 2011-12 & 2012-13 amounting to Rs.1.87 Crs., Rs.0.52 Crs., Rs.5.00 Crs., Rs.0.20 Crs., Rs.0.25 Crs. & Rs.1.48 Crs. respectively. (ii) Pending cases at High Court on account of refund of Income Tax for RM 3.57 3.57 & U of Unit-I & II, HHEP, Burla. TOTAL 151.59 149.0461 (b) Against the claim of Rs.65.57 Crs. Of M/s TSS stated at (iii) above, OHPC has lodged a claim of Rs. 135.87 Crore on the said contractor. The arbitration is in process. (c) BHEP, Balimela unit has deposited Rs.40,000/- under protest during the year against the assessed entry Tax of Rs. 1,13,852/ - for the year 2000-01 stated at (VIII) above. Against this demand, the unit has filed an appeal before the commissioner of commercial Taxes, Cuttack. (d) Pending confirmation & detailed guidelines from Govt of Odisha, Rs.21.28 Crores due to differential pension payable to the employees transferred from the State Govt and Ex-OSEB to OHPC is shown as contingent Liability stated at above. However the liability for the year 2014-15 has not been ascertained/ determined. (e) The Baitarni West Coal Block allotted to M/s Baitarni West Coal Company Limited, a joint venture company of OHPC was de-allocated vide the letter dated 10th December 2012 of Ministry of Coal, Government of India. OHPC on behalf of the partners filed a petition in the Horn'ble High Court of Odisha vide W.P.(C)No.4011/2013 with Miscellaneous case No.3942 of 2013. The Horn'ble High Court vide order dt.19.03.2013 held that "as an interim measure, it is directed that the bank guarantee furnished by the petitioner-Company may not be encashed and the Coal Block allocated to it may not be allocated to any 3rd party without leave of this Court ". Accordingly 50% of FD i.e. Rs.12.50 Crs has been shown as Contingent Liability as above under (xii). (f) The Tax Recovery Officer, Income Tax Department, Sambalpur had raised a demand of Rs.4.48 crs towards TDS in respect of supply and erection of plant & machinery of RM&U of Unit 1&2, Burla which was disputed by OHPC. Pending settlement of the dispute now in appeal before Hon'ble High Court of Odisha, Cuttack, the above amount has been deposited with Income Tax Authorities in the year 1996-97 to 2003-04. As per the order of the CIT (A), Sambalpur dtd. 08.11.2005 and 04.04.2006, the ITO, Sambalpur rectified the mistake for Rs.0.33 lakhs and issued refund order of Rs 0.58 lakhs. After adjustment of the said amount, the balance amount of Rs 3.57 Crs. has been shown under the head advance income tax (TDS). Note - 43 (a) The sale of energy compared to the design energy for sale during the year 2014-15 is as under : Power stations Actual sale of energy (in MU) Design energy for sale (in MU)

UIHEP, Mukhiguda 2597.228 1942.38 RHEP, Rengali 710.098 519.75 BHEP, Balimela 1240.9272 1171.17 UKHEP, Upper Kolab 702.704 823.68 HHEP, Burla 564.122 677.16 CHEP, Chiplima 277.081 485.10 Total 6092.1602 5619.24

119 (b) As per the OERC tariff order dt. 22.03.2014, the tariff for the year 2014-15 for energy sold to GRIDCO is as follows. Name of Power Station Energy charge Rate (Paisa per Unit) Capacity charges (Rupees in Crs.) RHEP 54.045 28.09 UKHEP 24.918 20.525 BHEP 44.105 51.655 HHEP 63.818 43.215 UIHEP 40.208 78.10 CHEP 24.025 11.655 TOTAL 233.240 (c) The sale of energy includes 16.326817 MU to CSPDCL @Rs.0.932 per unit at the actual cost of generation of HHEP for the year 2014-15, as per the decision of the meeting of high level Committee held on 24.12.2004 under the Chairmanship of the Chief Secretary, GoO in pursuance of the order of the Hon'ble High Court of Madhya Pradesh. (d) The energy sold to GRIDCO has been reconciled both in quantity & value till 2011-12 wherever required, necessary rectification entries relating to sale of energy have been passed by the respective units.

Note - 44 During the year Rs.4,07,04,695/- has been paid and adjusted to SOUTHCO towards electricity charges for power consumed in UIHEP including reliability surcharges of Rs.14,47,308/-. Similarly Rs.42,155/- has been paid to WESCO towards Electricity Charges for Surge-shaft and Intake since 05.08.2014

Note - 45 Expenses in respect of employees who are in receipt of remuneration of not less than Rs.2400000/- per annum and employed throughout the year or Rs.200000/- per month and employed for part of the year is Nil.

Note - 46 The Corporation has not received any information from suppliers regarding their status under Micro, Small & Medium Enterprises Development Act 2006. Resultantly disclosure if any relating to amount unpaid as at the year end together with interest paid/ payable as required under the said Act have not been given.

Note - 47 The details of installed capacity, generation and sale of power during the year are as under. The colony consumption of RHEP, BHEP, UIHEP are included in the auxiliary consumption of the previous year. Power Installed Gross Sale of Auxiliary Transformation Internal stations Capacity Generation Power consumption loss consumption (MW) (MU) (MU) (MU) CHEP 72.00 278.411 277.081 0.5478 0.78276 - HHEP 275.50 581.985 564.122 3.043 14.820 - RHEP 250.00 735.358 710.098 1.716 11.806 11.738 UKHEP 320.00 718.233 702.704 3.237 12.292 - BHEP 510.00 1269.1908 1240.9272 6.5972 13.0852 8.582 UIHEP 600.00 2655.279 2597.228 3.673 48.157 6.221 Total 2027.50 6238.457 6092.16 18.814 100.943 26.541 Previous year 2027.50 6967.978 6807.030 48.644 112.304

120 Note - 48 Power Station wise financial results before Tax. (Rs. in Crores) Power Revenue from Other Share of H O income Total Total Profit before Station operation Income over exp. Income Exp. tax CHEP 16.21 0.20 3.19 19.60 52.42 -32.82 HHEP 77.14 0.61 14.29 92.05 67.62 24.43 RHEP 70.70 0.63 13.82 85.15 54.25 30.90 UKHEP 39.34 0.33 7.75 47.42 57.06 -9.64 BHEP 101.68 34.11 20.00 155.79 59.13 96.66 UIHEP 188.17 15.25 37.03 240.45 303.30 -62.85 Total 2014-15 493.24 51.13 96.08 640.46 593.78 46.68 Total 2013-14 451.74 114.61 56.87 623.22 612.10 11.12

Note - 49

Mobilization advance of Rs.2.00 Crores was given to M/s OCC Ltd by Department of Water Resources (DOWR) in two spells vide cheque No.S-975409 dated 03.11.1995 and S.998897 dated 26.02.1996 of Rs. 1.00 crore each for construction of bye-pass tunnel & emergency gates of UIIP as per their letter No 29287 dated 15.11.1995 and 7670 dated 12.03.1996 (i.e. before formation of OHPC). The said amount was paid from the budget provision of UIIP charging to Misc Work advance. An amount of Rs.50 Lakhs was recovered from the bills of LCB 1/1997-98 Agreement (Depletion sluice Gate of Benakhamar Bye pass tunnel) and Rs.150 Lakhs was recovered from the bills of LCB 2/1997-98 Agreement (Depletion Sluice Gate of Indravati Dam). The recovered amount of Rs.2.00 Crores is now kept in outstanding liabilities account of UIHEP, Khatiguda. The said amount was not refunded to DOWR as per letter No 7298 dated 20.06.1998 of Director (Finance) as all payments made by any authority prior to formation of OHPC have been accounted for in the transfer price of Rs.630 Crores which was treated as a loan by the Government of Odisha to OHPC.

Note - 50

Deposit with others

Rs. in Lakhs. Rs. in Lakhs

23.03.94 40.00 1994-95 40.00

28.03.94 30.00 1994-98 0.03

31.03.95 22.00 28.06.96 14.00

15.03.96 12.00

104.00 54.03

Out of Rs.1,04,00,000/-, a sum of Rs.5,20,986/- has been referred by CTO, Koraput (now Nabarangpur) through challan vide BRV No.1333 dtd.24.03.2012 after finalization of appeal. The sales Tax tribunal has directed the concerned CTOs for re-assessment of Sales Tax & the matter is dealt by E.E., Stores & mechanical Divn.

121 Note - 51

(i) OHPC has lodged a insurance claim of Rs 36.05 crores with M/S United India Insurance Co Ltd on account of loss due to flood disaster on 28/29.7.91 at UIHEP, Mukhiguda. Against this claim OHPC has received an interim payment of Rs 5.00 crores in two spells i.e. Rs 3.50 crores in May 95 and Rs 1.50 crores in Feb 98 and shown as income in the respective years. The insurance company intimated OHPC on 21.9.2005 the final net settlement value of Rs 95.98 lacs which was not accepted by OHPC. OHPC invoked the arbitration clause, and referred the matter to arbitration. In the process of Arbitration the Hon'ble Arbitrators in the interim order dtd 26.07.2009 directed the Insurance Company to pay Rs 95.58 lacs. The said amount received from the Insurance Company has been shown as income in the year 2009-10. Now the Arbitral award is delivered on dated 13.06.2013 and directed to M/s. United India Insurance Company Ltd. to pay Rs.74023445/- within two months of the order dated.

The arbitration award has been challenged by the petitioner M/s United India Insurance Co. Ltd. vide Arbitration petition No.325 of 2013 in the Court of the District Judge, Khurda. The last hearing was held on 24.07.2014. The matter is yet to be disposed off.

(ii) An insurance claim for Rs. 21,07,404/- was lodged against 2 sets of SF6 breaker which were burst on 29.03.12 i.e. unit-III (Rs 14,87,004/-) and unit-IV (Rs 6,20,000/-) of Rengali H E project with National Insurance Company, Angul vide letter No. 4775 dt.16.05.12 of DGM (Ele), RHEP, Rengali against which Rs.2,20,929/- has been received from the Insurance Company & accounted for vide BRV No.124 dt.28.08.2014

Note - 52

It was decided in 105th Board of directors meeting held on 11th March 2011 to make valuation of the Assets of Potteru Small Hydro Electric project after government approval for disposal of the project on "as-is-where-is basis which is still pending for Cabinet approval.

Note - 53

(a) Previous year figures / opening balances have been regrouped or rearranged / re-casted wherever necessary.

(b) Figures have been rounded off to the nearest rupee.

Significant Accounting Policy & Accompaning notes forming part of the financial statements In terms of our report of even date attached. For G R C & Associates Chartered Accountants

CA. P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance & Chairman-cum- M. No.-069682 CFO) Managing Director (DIN-05297051) (DIN-00229586) Place : Bhubaneswar Date : 30.07.2015

122 2ND ANNUAL REPORT 2014 - 15

GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LTD (A wholly owned subsidiary of Odisha Hydro Power Corporation Ltd., a Govt. of Odisha undertaking)

OHPC Corporate Office, OSPH & W C Building JANPATH, BHOINAGAR, BHUBANESWAR - 751022, Tel : 0674-2542922, Fax:2542102, Gram : HYDROPOWER Web site : www.ohpcltd.com, E-mail : [email protected] / [email protected]

123123 2ND ANNUAL REPORT 2014 - 15

CONTENTS

Page No.

Board of Directors 125

Directors’ Report 126

Independent Auditor's Report 141

Comments of the C & AG of India and Replies of the Management. 148

Financial Statements 149 i) Balance sheet as at 31st March, 2015. ii) Statement of Profit and Loss for the year ended 31st March, 2015. iii) Statement of Cash Flow for the year ended 31st March, 2015.

124 BOARD OF DIRECTORS

Sh Rajesh Verma, IAS Chairman (From 07.12.2015 onwards)

Sh S C Mahapatra, IAS Chairman (upto 07.12.2015)

Sh Hemant Sharma, IAS Managing Director

Sh S K Sahu Sh C R Pradhan Director (Finance) Director Sh S C Bhadra Sh S K Jena Director Director Sh B B Acharya Director

Company Secretary Sh P K Mohanty

BANKERS State Bank of India Union Bank of India Axis Bank

STATUTORY AUDITORS BATRA SWAIN & ASSOCIATES Chartered Accountants

125 GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LTD (A Wholly Owned Subsidiary of OHPC Ltd) DIRECTORS' REPORT

Dear Members, Your Directors are pleased to present the 2nd Annual Report of the Company on the performance of the company for the year ended March 31, 2015 along with the Audited Financial Statements, Auditor's Report and comments of the Comptroller and Auditor General of India. 1. FINANCIAL HIGHLIGHTS (i) Summarized Financial Results : The summarized financial results of the Company for the 2nd financial year ending on 31st March,2015 are given below: (Rs. in Lakhs) Particulars 2014-15 2013-14 ( from 18.04.2013 to 31.03.2014) INCOME Revenue from Operation - - Other Income 131.44 4.32 Total Income 131.44 4.32 EXPENDITURE Employee Benefit Expenses 30.60 8.72 Administrative & other expenses 17.85 59.65 Total Expenditure 48.45 68.37 Profit before depreciation and Tax 82.99 (64.05) Depreciation 5.76 - Profit after depreciation and before tax. 77.23 - Tax 5.02 - Profit after depreciation & Tax. 72.22 (64.05)

(ii) DIVIDEND : The Board of Directors has not recommended any dividend for the financial year under review. 2. BUSINESS INITIATIVES Your company has undertaken the following projects:- 20 MW Solar Project allotted by SECI. GEDCOL had participated in the RFP invited by Solar Energy Corporation of India (SECI) for setting up 20 MW Solar project under domestic category at Manmunda in the Dist of Boudh in the State of Odisha. Solar Energy Corporation of India (SECI) and GEDCOL has already signed the PPA and VGF document for setting

126 up the above project on 26.02.2014 BHEL was selected through open tendering process to execute the project. Leasehold Land has been provided by IDCO.BHEL has already supplied full quantity of Solar Modules, Inverters (PCU), Module Mounting Structure and DC Cables. It is expected that 15MW project will be commissioned by the end of October'2015 and the balance will be commissioned by end of January' 2016. 5 MW Solar Rooftop Project Solar on Govt. Buildings. Govt. of Odisha has appointed GEDCOL as the concessioning authority to conduct the bidding process and implement a pilot and replicable grid connected rooftop solar project to be developed on a net metering model with a minimum proposed installed capacity of 5MW power on Govt. buildings specified by Govt. of Odisha in the twin cities of Cuttack and Bhubaneswar through the PPP route on BOO basis. The Project encompasses the setting up of photovoltaic Solar power plants on rooftops of the Govt. Buildings. International Finance Corporation (IFC) has been engaged as transaction advisor for development of the project on 02.09.2013.Net metering regulation issued by OERC and application for modification of the said order was placed with OERC for clarity of order after discussion with CESU and IFC. The clarification based on the application of the company was issued by OERC with imposition of the provision of 30% ceiling of penetration to distribution Transformer. IFC has been requested to amend the final Request for Participation (RfP) documents incorporating the above condition and finalizing the revised installed capacity. IFC has furnished the revised loan documents, PIA and RFP document which is under scrutiny. Small Hydro Electric Project. A proposal to form a JV between SAIL and your company is in advance stage to develop a 15MW SHEP at Mandira Dam, Rourkela. GEDCOL has also placed work order to WAPCOS for preparation of PFR for 18 nos. of SHEP out of which, the firm has submitted the Final PFR for 13 numbers of SHEPs. WAPCOS has intimated that out of the 10 Nos of SHEPs for which work order has been placed for preparation of PFR in the last phase, 4nos of projects namely, Tikira, Uttei, Mangalpur and Indravati SHEP are economically not viable having very high cost in comparison to subsequent benefit out of this investment. PFR's prepared for Kharag-I, II, III & IV SHEP's in the river Kharag for a total capacity of around 96MW and submitted to EIC (Elecy)-cum-PCEI(O) for allotment of these projects in favour of GEDCOL. In the STC, DoWR pointed out interference with proposed Kharag major project and some correction in the hydrology. Accordingly the projects were relocated and revised PFR's prepared for the new locations, namely Kharag-I, Kharag-II, Kharag-2A and Kharag-3. The revised PFR's have been submitted to EIC (Elecy)-cum-PCEI(O) for allotment.WAPCOS has also submitted the Final PFR's of Buda, Salki-I, Salki-II and Salki-III projects .As per the recommendation of WAPCOS about the non-viability of SHEP's namely, Tikira, Uttei, Mangalpur and Indravati, amendment to the work order for preparation of PFR's for 10 nos of SHEP sites has been issued to WAPCOS eliminating the name of above projects. 3. DEPOSITS During the year the Company has not accepted any fixed deposit within the meaning of Section 73 of Companies Act, 2013 and the rules made there under. 4. LOAN, GURANTEE OR INVESTMENTS Particulars of loans, guarantees or investments u/s 186 of Companies Act, 2013 are nil.

127 5. RELATED PARTY TRANSACTIONS All transactions entered with related parties for the year were in the ordinary course of business and on an arms' length basis. Further, there are no material related party transactions during the year with the promoters, Directors or Key Managerial Personnel. All related party transactions are placed before the Audit Committee as also to the Board for approval. 6. HOLDING COMPANY Green Energy Development Corporation of Odisha Ltd is a wholly owned subsidiary of Odisha Hydro Power Corporation Limited. 7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO Considering that the company has not started any commercial operations, the disclosures pertaining to conservation of energy, technology absorption and foreign exchange earnings & outgo as specified under section 134 (3) of the companies Act,2013 are not applicable for the year under review. However, your Directors draw attention of the members to note no.19 (a) to the Financial Statement which sets out expenditure incurred in Foreign Currency on cash basis being payment made to Consultant. 8. CSR ACTIVITIES Considering that the company has not started any commercial operations, the provisions disclosures pertaining to CSR activities as specified under section 135 of the companies Act, 2013 are not applicable for the year under review. 9. EXTRACT OF ANNUAL RETURN: Extract of Annual Return of the company in accordance to Section 92(3) of the Companies Act,2013 read with Rule 12 of Companies (Management and Administration) Rules,2014 is given at Annexure-I. 10. AUDITORS The Comptroller & Auditor General of India, New Delhi have appointed M/s Batra, Swain and Associates, Chartered Accountants, Bhubaneswar as the Statutory Auditors of the Company for the second financial year ended on 31st March 2015. 11. AUDITOR'S REPORTS The reports of the Statutory Auditors and comments of the Comptroller and Auditor General of India on the account of GEDCOL for the year ended 31st March, 2015 and the replies of the Management to the report /comments of the Auditors are enclosed to this report. 12. BOARD OF DIRECTORS As on 31st March 2015, the Board of your company comprised of following Directors :- Sl. Name Date of Date of Designation No. Appointment Cessation 1 Sh S C Mahapatra ,IAS (DIN:- 00229586) 03. 09.2014 - Chairman 2 Sh Hemant Sharma, IAS (DIN:- 01296263) 20.01.2014 - MD

128 3 Sh P K Jena, IAS (DIN:-02466580) 18.04.2013 03.09.2014 Chairman 4 Sh S K Sahu (DIN:- 05297051) 18.04.2013 - Whole time Director 5 Sh C R Pradhan (DIN:- 00127539) 21.05.2013 - Director 6 Sh B B Acharya (DIN:- 06567542) 21.05.2013 - Director 7 Sh S C Bhadra, (DIN:- 01896713) 21.05.2013 - Director 8 Sh S Khatua (DIN:-03503902) 18.04.2013 15.04.2014 Director 9 Sh S K Jena (DIN:-05169683) 15.04.2014 - Director 13. BOARD MEETINGS The Board Meetings are held normally at Bhubaneswar. During the financial year 2014-15, total 05 nos. of Board Meetings were held. 14. AUDIT COMMITTEE The Audit Committee comprises the following Members: 1. Shri S K Jena, Independent Director, Chairman. 2. Shri S C Bhadra, Independent Director, Member. 3. Shri B B Acharya, Independent Director, Member. 4. Shri S K Sahu, Director (Finance), Member. 15. KEY MANAGERIAL PERSONNEL During the year, in compliance with Section 203 of the Companies Act, 2013, following were designated as Key Managerial Personnel: 1. Sh S K Sahu, Director (Finance). 2. Sh P K Mohanty, Company Secretary. 16. DIRECTORS' RESPONSIBILITY STATEMENT In compliance to Section 134 (3) (C) of the Companies Act, 2013, the Directors hereby confirm the followings :- a) in the preparation of the annual accounts, the applicable Accounting Standards had been followed by the Company along with proper explanation relating to material departures in the Notes to Accounts and Accounting Policies; b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the State of affairs of the Company at the end ofthe financial year 2013-14 and of the profit of the Company for that period; c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting

129 records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detection fraud and other irregularities; and d) the Directors had prepared the annual accounts on a going concern basis. e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively. f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 17. DECLARATION OF INDEPENDENCE Your company has received declaration from all the independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act,2013 read with the Schedule and Rules issued there under. 18. GENERAL Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review. 1. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future. 2. There have been no Material Changes and Commitments subsequent to the Balance Sheet. 3. There are no Companies which have become or ceased as subsidiaries, joint ventures or associate companies during the Year. 19. Acknowledgments The Board of Directors wish to place on record its appreciation for the continued support , contribution and co-operation extended by the Government of Odisha (especially Departments of Energy , DoWR , PPP Cell and Finance Deptt.) and SECI, OHPC Ltd and other State Power Utilities, MNRE, GoI. The Board is also thankful to the Comptroller & Auditor General of India, the Statutory Auditors and the Bankers for their valued co-operation.

For and On behalf of the Board of Directors

S C Mahapatra, IAS Bhubaneswar CHAIRMAN Date : 22.09.2015 DIN:-00229586

130 Annexure to Director’s Report BATRA SWAIN & ASSOCIATES L3/80, Housing Board Colony Acharya Vihar,Bhubaneswar-13 CHARTERED ACCOUNTANTS Tel.:0674-2541159,2740193 E-mail :[email protected] [email protected] Web.:www.batraswain.com

Observations of the Statutory Auditors Replies of the Management The Company's Capital Work in Progress is carried in the As per the definition of the Accounting Standard Balance Sheet at Rs.1,17,22,41,871/- which includes 26; which deals with Intangible Asset, "an Rs.50,55,731/- for Small Hydro Projects (SHEP) which is intangible asset is an identifiable non-monetary paid towards the Consultancy Fees such as preparation of asset, without physical substance, held for use in PFR , DPR etc. If we go by the provisions of the " Accounting the production or supply of goods or services, Standard 26 : Intangible Assets" , Overhead Expenditures for rental to others, or for administrative purposes. in the nature of Consultancy Fees should be charged as Expenditure on an intangible asset after its revenue expenses instead of capitalizing them as no further purchase or its completion should be recognized economic benefits are attributable from them. Therefore, as an expense when it is incurred unless: the Management should have charged the Consultancy Fees (a) it is probable that the expenditure will enable shown as Capital Work in Progress in the Statement of Profit the asset to generate future economic and Loss instead of capitalizing them which constitutes a benefits in excess of its originally assessed departure from the Accounting Standards referred to in sub standard of performance; and Intangible section (1) of section 133 of the Companies Act 2013 read Assets with Rule 7 of the Companies (Accounts) Rules, 2014. The Company's records indicate that had the management stated (b) the expenditure can be measured and the Administrative and Overhead Expenditures and Pre- attributed to the asset reliably." operative Expenditure in the statement of profit and loss, The expenditures under question are mainly then an amount of Rs.50,55,731/- would have been required incurred towards consultancy charges incurred to be charged as expenses. Accordingly, the total expenses for preparation of PFRs of small SHEP. The said would have been increased by Rs.50,55,731/-, and net profit PFR are salable documents. Hence the company shareholders' funds would have been reduced by has shown the expenditures under Capital Work Rs.50,55,731/-. in Progress for Rs. 50,55,731/- in line with AS- 26.

For and On behalf of the Board of Directors

S C Mahapatra, IAS Bhubaneswar CHAIRMAN Date : 22.09.2015 DIN:-00229586

131 Annexure to Director’s Report Comments of the Comptroller and Auditor General of India under Section 143(6) (b) of the Companies Act,2013 on the Accounts of Green Energy Development Corporation of Odisha Limited for the year ended 31st Mach, 2015.

The preparation of financial statements of Green Energy Development Corporation of Odisha Limited for the year ended 31st March, 2015 in accordance with financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the management of the Company. The statutory auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Companies Act, 2013 are responsible for expressing opinion on these financial statements under Section 143 of the Companies Act,2013 based on independent audit in accordance with the Standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 27 July, 2015. I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under Section 143(6)(a) of the Act of the financial statements of Green Energy Development Corporation of Odisha Limited for the year ended 31st March, 2015. This supplementary audit has been carried out independently without access to the working paper of the statutory auditors and is limited primarily to inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit , I would like to highlight the followings significant matter under Section 143(6) (b) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statements and the related Audit Report.

Sl No. Comments of C&AG of India Replies of the Management 01. Balance Sheet Assets Non- Current Assets Capital Work-in progress (Note-6) Rs.117.22 Crore. The above is overstated by Rs.8.36 crore due By 31st March 2015 BHEL , the seller of the goods to inclusion of value of materials lying with the had appropriated the goods to be delivered to supplier for which invoices have been raised but GEDCOL and raised the invoice in the name of the property in goods and risk have not been Company, which indicates that it has recorded these transferred. This has also resulted in over goods as sale in its books of account and has statement of current liabilities to the same extent. transferred the related risks and property in the goods to GEDCOL . As per the provisions of Chapter 2 Sec 4 and Chapter3 Sec 18 and 23 of " The Sale of Goods Act,1930" goods to be considered as sold, the receipt of goods by the buyer at its gate or the corresponding payment thereof is not relevant but their appropriation , transfer of

132 related property, transfer of related proper and risk are relevant. Accordingly materials valuing Rs.8.36 crore for which invoice was raised by BHEL has been shown under CWIP giving detail break-up in Notes. However, the project will be completed during 2015-16 and ultimately the entire expenses are to be capitalized.

For and On behalf of the Board of Directors

S C Mahapatra, IAS Bhubaneswar CHAIRMAN Date : 22.09.2015 DIN:-00229586

133 ANNEXURE-II

I. REGISTRATION AND OTHER DETAILS i) CIN U40102OR2013SGC016747 ii) Registration Date 18th April,2013 iii) Name of the Company Green Energy Development Corporation of Odisha Ltd. iv) Category / Sub-Category of the Company Company having Share Capital v) Address of the Registered Office and contact details OHPC Corporate Office, Vani Vihar Chhak, Janpath, Bhoi Nagar, Bhubaneswar -751022 vi) Whether listed Company Yes/No No vii) Name, Address and Contact details of Registrar Not Applicable and Transfer Agent, if any

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10% or more of the total turnover of the Company shall be State:- Sl No. Name and Description of NIC Code of the % to total turnover of the main products /services Product /service * Company** 1. Electric Power Generation 35105 NIL using Solar Energy. *As per classification under National Industrial classification, Central Statistical Organization, Ministry of Statistics and programme implementation, Government of India, New Delhi.

134 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANEIS.

Sr. Name of the Address CIN/GLN Holding / % of shares held Applicable No. Company Subsidiary/ by the Associate Company/ Subsidiary/ Associate Company 1. Odisha Hydro Vani Vihar Chhak, U40101OR1995 Holding 100.00 2(46) Power Janpath, Bhoi Nagar, SGC003963 Corporation Ltd. Bhubaneswar-751022

IV. HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i) Category-wise Share Holding

Category of No. of Shares held at the beginning No. of Shares held at the end of the % Change Members of the year (As on 01.04.2014) year (As on 31.03.2015) during Demat Physical Total % of Demat Physical Total % of the year Total Total Shares Shares A. Promoters (1) Indian g) Individual (Nominee) 0 600 600 0.86 0 600 600 0.12 0.00 h) Central Govt i) State Govt(s) 0 0 0 0 0 0 0 0 0 j) Bodies Corp. 0 69400 69400 99.14 0 498300 498300 99.88 0.74 k) Banks /FI 0 0 0 0.00 0 0 0 0 0.00 l) Others 0 0 0 0.00 0 0 0 0 0.00 Sub-Totals (A) (I): 0 70000 70000 100.00 0 498900 498900 100.00 0.74 (2) Foreign a) NRIs-Individuals 0 0 0 0.00 0 0 0 0.00 0.00 b) Other-Individuals 0 0 0 0.00 0 0 0 0.00 0.00 c) Bodies Corp. 0 0 0 0.00 0 0 0 0.00 0.00 d) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00 e) Others 0 0 0 0.00 0 0 0 0.00 0.00 Sub-total (A) (2) :- 0 0 0 0.00 0 0 0 0.00 0.00 Total Shareholding 0 70000 70000 100.00 0 498900 498900 100.00 0.74 of promoter (A) = (A)(1)+(A)(2) B. Public Shareholding 0 0 0 0 0 0 0 0 0.00 1.Institutions a) Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00 b) Banks/FI 0 0 0 0.00 0 0 0 0.00 0.00 c) Central Govt. 0 0 0 0.00 0 0 0 0.00 0.00 d) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00 e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00 f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00 g) FIIs 0 0 0 0.00 0 0 0 0.00 0.00 h) Foreign Venture 0 0 0 0.00 0 0 0 0.00 0.00 Capital Funds Sub-total (B) (1):- 0 0 0 0.00 0 0 0 0.00 0.00 2. Non-Institutions

135 a) Bodies Corporate. 0 0 0 0.00 0 0 0 0.00 0.00 i) Indian 0 0 0 0.00 0 0 0 0.00 0.00 ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00 a) Individuals 0 0 0 0.00 0 0 0 0.00 0.00 i) Individual shareholders 0 0 0 0.00 0 0 0 0.00 0.00 holding nominal share capital up to Rs. 1 lakh ii) Individual shareholders 0 0 0 0.00 0 0 0 0.00 0.00 holding nominal share capital in excess of Rs. 1 lakh b) Others 0 0 0 0.00 0 0 0 0.00 0.00 Sub-total (B) (2):- 0 0 0 0.00 0 0 0 0.00 0.00 Total public 0 0 0 0.00 0 0 0 0.00 0.00 shareholding (B) =(B) (1)+(B)(2) C. Shares held by custodian 0 0 0 0.00 0 0 0 0.00 0.00 for GDRs & ADRs Grand Total (A+B+C) 0 70000 70000 100.00 0 498900 498900 100.00 0.74

ii) Shareholding of Promoters

Sl Shareholder's Shareholding at the beginning of Share holding at the end of the year % No. Name the year (As on 01.04.2014) (As on 31.03.2015) change in 1 No. of % of total % of Shares No. of % of total share Shares Shares of the Pledged/ Shares Shares of % of Shares holding Company encumbered the Pledged/ during to total shares Company encumbered the year to total shares 1. OHPC along with 70000 70000 100.00 0 498900 498900 100.00 6 nominees. Total 70000 70000 100.00 0 498900 498900 100.00

iii) Change in Promoters' Shareholding (please specify, if there is no change) -No change. Sl Shareholding at the beginning of the Cumulative Shareholding during the No. year (As on 01.04.2014) year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company At the beginning of the year 69,400 99.14 69,400 99.14 Shares allotted on 24.09.2014 66,000 - 1,35,400 99.71 11.12.2014 3,62,900 4,98,300 99.99 At the end of the year 4,98,300 99.88 4,98,300 99.99 (As on 31.03.2015)

136 iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs) Sl Shareholding at the Cumulative Shareholding No. beginning of the year during the year For each of the top 10 Shareholders No. of shares % of total No. of shares % of total shares of the shares of Company the Company At the beginning of the year 0 0 0 0 Date wise increase/ decrease in Share holding 0 0 0 0 during the year specifying the reasons for increase/decrease (e.g. allotment / transfer/ bonus/sweat equity etc) : At the end of the year (or on the date of 0 0 0 0 separation, if separated during the year)

v) Shareholding of Directors and Key Managerial Personnel Sl. Name Shareholding Date Increase/ Reason Cumulative / No. Decrease Shareholding in Sharehold-ing during the year (01.04.2014 to 31.03.2015) A. DIRECTORS No. of Shares at %of total Share %of total the Beginning Shares of shares of (01.04.2014)/ the the end of the year Company Company (31.03.2015) 1. Sh S C Mahapatra, IAS NIL NIL NIL NIL NIL NIL NIL 2. Sh Hemant Sharma, IAS 100 0.14 01.04.2014 100 0.14 100 0.14 31.03.2015 100 0.14 3. Sh S C Bhadra 100 0.14 01.04.2014 100 0.14 0 0 18.10.2014 -100 Transfer 0 0 0 0 31.03.2015 0 0 4. Sh S Khatua 100 0.14 01.04.2014 100 0.14 0 0 10.06.2014 -100 Transfer 0 0 0 0 31.03.2015 0 0 0 0 5. Sh S K Jena 0 0 01.04.2014 0 0 0 0 100 0.14 10.06.2014 0 0 100 0.14 0 0 18.10.2014 -100 Transfer 0 0 0 0 31.03.2015 0 0 6. Sh C R Pradhan 100 0.14 01.04.2014 100 0.14 0 0 18.10.2014 -100 Transfer 0 0 0 0 31.03.2015 0 0

137 7. Sh B B Acharya 100 0.14 01.04.2014 100 0.14 0 0 18.10.2014 -100 Transfer 0 0 0 0 31.03.2015 0 0 8. Sh S K Sahu 100 0.14 01.04.2014 100 0.14 100 0.14 31.03.2015 100 0.14 B. KEY MANAGERIAL PERSONNEL 1. Sh P. K Mohanty, Nil Nil Nil Nil Nil Company Secretary

v) INDEBTEDNESS Indebtedness of the Company including interest outstanding / accrued but not due for payment. Secured Loans Unsecured Deposit Total excluding Loans (in Rs.) Indebtedness deposits (in Rs.) Indebtedness at the beginning of the Financial Year (i) Principal amount Nil Nil Nil Nil (ii) Interest due but not paid Nil Nil Nil Nil (iii) Interest accrued but not due Nil Nil Nil Nil Total (i+ii+iii) Nil Nil Nil Nil Change in Indebtedness during the Financial Year Addition Nil Nil Nil Nil Reduction Nil Nil Nil Nil Net Change Nil Nil Nil Nil Indebtedness at the end of the Financial Year Principal amount Nil Nil Nil Nil Interest due but not paid Nil Nil Nil Nil Interest accrued but not due Nil Nil Nil Nil Total (i+ii+iii) Nil Nil Nil Nil

138 vi) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and / or Manager :

Sl. Particulars of Remuneration Name of MD/WTD/Manager Total Amount (in Rs.) 1. Gross salary - - - - - (a) Salary as per provision contained in section 17(1) of the Income Tax Act, 1961 (b) Value of perquisites u/s 17(2) - - - - - Income Tax Act,1961 (c) Profits in lieu of salary under - - - - - section 17(3) Income Tax Act, 1961 2. Stock Option - - - - - 3. Sweat Equity - - - - - 4. Commission ------As % of profit - Other s, specify..... 5. Others, please specify - - - - - Total (A) ---- - Ceiling as per the Act Note: Remuneration to Managing Director, whole time Directors-NIL

B. Remuneration to other Directors

S l Particulars of Name of Directors Total Amount No. Remuneration (in Rs.) 1. Independent Directors Sh S C Bhadra Sh S K Jena Sh C R Pradhan Sh B B Acharya Fee for attending board committee Rs.50,562 Rs.50,562 Rs.67,417/- Rs.33,708 Rs. 2,02,249 meetings Commission Nil Nil Nil Nil - Others, please specify Nil Nil Nil Nil - 2. Total (1) Rs.50,562 Rs.50,562 Rs.67,417/- Rs.33,708 Rs. 2,02,249 3. Other Non-Executive Directors -- 4. Fee for attending board committee Nil Nil Nil Nil Nil meetings Commission Nil Nil Nil Nil Nil Others, please specify Nil Nil Nil Nil Nil 5. Total (2) Nil Nil Nil Nil Nil 6. Total (B) = (1+2) Rs.50,562 Rs.50,562 Rs.67,417/- Rs.33,708 Rs. 2,02,249 7. Total Managerial Remuneration 8. Overall Ceiling as per the Act NA

139 C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THANMD/MANAGER/ WTD Sl. No. Particulars of Remuneration Company Secretary Total Amount (in Rs.) Amount (in Rs.) 1. Gross salary a) Salary as per provisions contained in section 17(1) - - of the Income Tax Act, 1961 b) Value of perquisites u/s 17(2) Income-tax Act, 1961 Nil - c) Profits in lieu of salary under section 17(3) Income Tax Act, 1961 Nil - 2. Stock Option Nil - 3. Sweat Equity Nil - 4. Commission Nil - - As % of profit Nil -

-others, specify.... --

5. Others, please specify --

Total - -

140 BATRA SWAIN & ASSOCIATES L3/80, Housing Board Colony Acharya Vihar,Bhubaneswar-13 CHARTERED ACCOUNTANTS Tel.:0674-2541159,2740193 E-mail :[email protected] [email protected] Web.:www.batraswain.com Independent Auditors' Report

TO THE MEMBERS OF GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LIMITED REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Green Energy Development Corporation of Odisha Limited (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory informations.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The Company's Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India and those specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

141 risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

BASIS FOR QUALIFIED OPINION The Company's Capital Work in Progress is carried in the Balance Sheet at Rs. 1,17,22,41,871/- which includes Rs.50,55,731/- for Small Hydro Projects (SHEP) which is paid towards the consultancy fees such as preparation of PFR, DPR etc. If we go by the provisions of the "Accounting Standard 26: Intangible Assets", Overhead Expenditures in the nature of Consultancy Fees should be charged as revenue expenses instead of capitalising them as no further economic benefits are attributable from them. Therefore, the Management should have charged the Consultancy Fees shown as Capital Work in Progress in the Statement of Profit and Loss instead of capitalising them which constitutes a departure from the Accounting Standards referred to in sub section(1) of section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. The Company's records indicate that had the management stated the Administrative and Overhead Expenditures in the statement of profit and loss, then an amount of Rs.50,55,731/- would have been required to be charged as expenses. Accordingly, the total expenses would have been increased by Rs.50,55,731/- and net profit and shareholders' funds would have been reduced by Rs.50,55,731/-.

QUALIFIED OPINION In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 1. As required by the Companies (Auditor's Report) Order, 2015 (the Order) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143(3) of the Act, we report that : a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b. In our opinion, proper books of account as required by law have been kept by the Company so far as

142 appears from our examination of those books. c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. d. Except for the effects of the matter described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act. f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. 3. Our observation to the Direction u/s 143(5) of the Companies Act,2013 are as follows:

(I) Power Sector : DIRECTIONS OBSERVATIONS (1) Adequacy of steps to prevent encroachment (1) The management is constructing the boundary of idle land owned by Company may be wall on the land to avoid any encroachment examined. In case land of the Company is which we have verified and there is no idle land encroached, under litigation, not put to use or with the Company. Further, as per the declared surplus, details may be provided. clarification by the management, there is no pending litigation in the name of the Company.

(2) Where land acquisition is involved in setting (2) During the year land is acquired on lease from up new projects, report whether settlement of IDCO in setting up Manmunda project. dues done expeditiously and in a transparent manner in all cases, The cases of deviation may please be detailed. (3) Whether the Company has an effective system (3) The Company is yet to start its commercial for recovery of revenue as per contractual operation. terms and the revenue is properly accounted for in the books of accounts in compliance with the applicable Accounting Standards?

143 (4) How much cost has been incurred on (4) As explained to us, there are no abandoned abandoned projects and out of this how much projects. cost has been written off?

(II) Generation DIRECTIONS OBSERVATIONS (1) In the cases of Thermal Power Projects, (1) At present the Company does not have any compliance of the various Pollution Control thermal power project. Acts and the impact thereof including utilization and disposal of ash and the policy of the company in this regard, may be checked and commented upon. (2) Has the company entered into revenue sharing (2) The company has not entered into any revenue agreements with private parties for extraction sharing agreements with private parties for of coal at pitheads and it adequately protects extraction of coal at pitheads. the financial interest of the company? (3) Does the company have a project system for (3) The Company does not deal with coal in any reconciliation of quantity/quality coal ordered manner. and received and whether grade of coal moisture and demurrage etc. are properly recorded in the books of accounts? (4) How much share of free power was due to (4) The Company is yet to start its commercial the state government and whether the same operation. was calculated as per the agreed terms and depicted in the accounts as per accepted accounting norms? (5) In the case of hydroelectric projects the water (5) The Company is yet to set up any hydroelectric discharge is as per policy/guidelines issued by project. the State Government to maintain biodiversity. For not maintaining it penalty paid/payable may be reported.

(III) Others: DIRECTIONS OBSERVATIONS (1) If the Company has been selected for (1) The Company has not been selected for disinvestment, a complete status report in terms disinvestment of valuation of Assets (including intangible assets and land) and Liabilities (including Committed and General Reserves) may be

144 examined including the mode and present stage of disinvestment process. (2) Please report whether there are any cases of (2) There are no cases of waiver/write off of debits/ waiver/write off of debits/loans/interest etc, if loans/interest etc, yes, the reasons there for and the amount involved. (3) Whether proper records are maintained for (3) No inventory is lying with third parties and no inventories lying with third parties and assets assets are received as gift from Government received as gift from Government or other or other Authorities. Authorities. (4) A report on age-wise analysis of pending legal/ (4) As explained to us there are no pending legal/ arbitration cases including the reasons of arbitration cases. pendency and existence/ effectiveness of a monitoring mechanism for expenditure on all legal cases (foreign and local) may be given.

For BATRA SWAIN & ASSOCIATES. Chartered Accountants (Firm Registration No. 322050E)

A N MAHAPATRA Bhubaneswar Partner Membership No.: 066784 Date : 27.07.2015

145 BATRA SWAIN & ASSOCIATES L3/80, Housing Board Colony Acharya Vihar,Bhubaneswar-13 CHARTERED ACCOUNTANTS Tel.:0674-2541159,2740193 E-mail :[email protected] [email protected] Web.:www.batraswain.com ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT (Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:- i) In respect of Fixed Assets : The Company has only lease-hold land and CWIP as fixed assets (refer to our comments in the paragraph "BASIS FOR QUALIFIED OPINION" in the main Audit report). The Company is maintaining records showing full particulars, including quantitative details and situation of such assets. As explained to us, the Company management is verifying them regularly and no discrepancies were noticed on such verification. ii). In respect of its inventories : The Company does not have any Inventories and therefore, the reporting requirements regarding this, are not applicable. iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Act. iv) Expect for the purchase of Land (which is purchased from IDCO a Govt of Odisha Undertaking), the Company has neither purchased any inventory or fixed assets and nor sold any goods during the period under audit, therefore the provisions of clause (iv) of Companies (Auditor's Report) Order, 2015 are not applicable to the Company. v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits during the year and does not have any unclaimed deposits. Therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company. vi) The provisions of clause 3 (vi) of the Order are not applicable to the Company as the Company is not covered by the Companies (Cost Records and Audit) Rules, 2014. vii) In respect of statutory dues: (a) The Company has been regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date of becoming payable.

146 (b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute. viii) The accumulated loss of the Company at the end of the financial year does not exceed fifty percent of its net worth but the company has incurred cash losses in the year before the current financial year. ix) According to the information and explanations given to us and based on the documents and records produced to us, the company has not taken any loan from and no amount is payable to any Financial Institution or Banks. Further, the company has not obtained any borrowings by way of debentures. x) According to the information and explanations given to us and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial institution. xi) According to the information and explanations given to us and on an overall examination of the Financial Statements of the Company we report that the company has not taken any term loan and therefore, provisions of clause 3(xi) of the Companies (Auditor's Report) Order, 2015 are not applicable to the Company. xii) According to the information and explanations given to us and to the best of our knowledge and belief no fraud on or by the Company has been noticed or reported during the year.

For BATRA SWAIN & ASSOCIATES. Chartered Accountants (Firm Registration No. 322050E)

A N MAHAPATRA Bhubaneswar Partner Membership No.: 066784 Date : 27.07.2015

147 Comments of the Comptroller and Auditor General of India under Section 143(6) (b) of the Companies Act,2013 on the Accounts of Green Energy Development Corporation of Odisha Limited for the year ended 31st Mach, 2015.

(A) Balance Sheet Assets Non- Current Assets Capital Work-in progress (Note-6) Rs.117.22 Crore. (1) The above is overstated by Rs.8.36 crore due to inclusion of value of materials lying with the supplier for which invoices have been raised but property in goods and risk have not been transferred. This has also resulted in over statement of current liabilities to the same extent.

For and On behalf of the C & A G of India

Bhubaneswar DEVIKA Date : 31.08.2015 Principal Accountant General

148 Refer

GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LIMITED BALANCE SHEET AS AT 31ST MARCH, 2015. (Amount in Rs.) Particulars Note No. As at 31-03-2015 As at 31-03-2014 I. EQUITY AND LIABILITIES (1) Shareholders' funds (a) Share capital 2 498,900,000 70,000,000 (b) Reserves and surplus 3 100,816,033 (6,405,380) (2) Share application money pending allotment - - (3) Non-current liabilities - - (4) Current Liabilities (a) Short-term borrowings - - (b) Trade payables - - (c) Other current Liablities 4 1,057,428,916 4,517,599 (d) Short-term provisions 5 - 7,730 TOTAL 1,657,144,949 68,119,949 II. ASSETS Non-current assets 1 . (a) Fixed assets (i) Tangible assets 6 85,081,583 - (ii) Capital Work-In- Progress 6 1,172,241,871 4,760,080 (iii) Pre-operative Exp. 7 - 1,725,541 (b) Non-current investments - - (c) Deferred tax assets(net) - - (d) Long-term Loans and advances - - 2. Current assets (a) Current investments. - - (b) Inventories - - (c ) Trade receivables - - (d) Cash and bank balances 8 154,409,325 61,385,352 (e) Short-term loans and advances 9 245,401,920 18,133 (f) Other current assets 10 10,250 230,843 TOTAL 1,657,144,949 68,119,949 Significant Accounting Policies 1 Notes on Accounts 2 to 25

As per our attached report of even date For & on behalf of the Board of Directors For Batra Swain & Associates Chartered Accountants

A N Mahapatra P K Mohanty Santosh Kumar Sahu Hemant Sharma Partner Company Secretary Director (F) & CFO Managing Director M. No. 066784 [ DIN: 05297051] [DIN: 01296263]

Place : Bhubaneswar Date : 27.07.2015

149 GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LIMITED STATEMENT OF PROFIT AND LOSS FOR THE PERIOD ENDED 31ST MARCH, 2015 (Amount in `.) Particulars Note No. As at 31-03-2015 As at 31-03-2014 I. Revenue from operations - II. Other income 11 13,144,393 431,807 III. Total Revenue(I+II) 13,144,393 431,807 IV. Expenses: Employee benefit expenses 12 3,059,989 872,676 Depreciation and amortization exp. 6 576,253 Administrative & other Expenses 13 1,784,250 5,964,511 Total expense 5,420,492 6,837,187 V. Profit before exceptional and extraordinary 7,723,901 (6,405,380) items and tax(III-IV) VI. Exceptional items - - VII. Profit before extraordinary items and tax(V-VI) 7,723,901 (6,405,380) VIII. Extraordinary Items - - IX. Profit before tax(VII-VIII) 7,723,901 (6,405,380) X. Tax expenses: - - (1) Current tax 502,488 - (2) Less-MAT Credit set off - (3) Net Current Tax Liability - (2) Deferred tax(Liability) /Asset - XI. Profit (Loss) for the period from continuing 7,221,413 (6,405,380) operations(IX-X) XII. Profit/ (Loss) from discontinuing operations - - XIII. Tax expenses of discontinuing operations - - XIV. Profit/(Loss) from discontinuing operations - - ( after tax) (XII-XIII) XV. Profit(Loss) for the period (XI+XIV) 7,221,413 (6,405,380) XVI. Earnings per equity share (1) Basic (2) Diluted Significant Accounting Policies 1 Notes on Accounts 2 to 25

As per our attached report of even date For & on behalf of the Board of Directors For Batra Swain & Associates Chartered Accountants

A N Mahapatra P K Mohanty Santosh Kumar Sahu Hemant Sharma Partner Company Secretary Director (F) & CFO Managing Director M. No. 066784 [ DIN: 05297051] [DIN: 01296263]

Place : Bhubaneswar Date : 27.07.2015

150 GREEN ENERGY DEVELOPMENT CORPORATION OF ODISHA LIMITED CASH FLOW STATEMENT FOR THE PERIOD ENDED AS AT 31ST MARCH, 2015 (Amount in `.) Particulars 2014-15 2013-14 (A) Cash Flow from/ (Used in) Operating Activities : Net Profit / (Loss) Before Tax & Extraordinary Item 7,723,901 (6,405,380) 7,723,901 (6,405,380) Adjustments for : Interest Income from Bank Deposit (12,970,166) (331,807) Operating Profit before working capital changes (5,246,265) (6,737,187) Adjustment for: Increase/ (Decrease) in Loan & Advance (245,383,787) (18,133) Increase/ (Decrease) in other other current assets 220,593 (230,843) Increase/ (Decrease) in other current liabilities 1,052,408,829 4,517,599 Increase/ (Decrease) in Short Term Provisions (7,730) 7,730 Cash Generated from Operation 807,237,905 2,129,027 Income Tax paid - - Net Cash Flow from / (Used In) Operating Activities 801,991,640 (2,460,834) (B) Net Cash Flow from / (Used In) Investing Activities Increase / (Decrease) in capital work in progress (1,167,481,791) (4,760,080) Increase / (Decrease) Pre-operative Expenditure 1,725,541 (1,725,541) Increase / (Decrease) Fixed Assets (Land) (85,081,583) - Interest Income from Bank Deposit 12,970,166 331,807 Net Cash Flow from / (Used In) Investing Activities (1,237,867,667) (6,153,814) (C) Cash Flow from / (Used in) Financing Activities Received form Govt. of Odisha 100,000,000 _ Proceeds from Issue of Share Capital 428,900,000 70,000,000 Net Cash Flow from /(Used in) Financing Activities 528,900,000 70,000,000 Net Increase /(Decrease) in Cash & Bank Balance (A+B+C) 93,023,973 61,385,352 Cash and Bank Balances at beginning of period (Refer Note No.8) 61,385,352 - Cash and Cash equivalent at end of period (refer to Note No.8 ) 154,409,325 61,385,352 Significant Accounting Policies and Notes on 1, 2 to 25 Accounts As per our attached report of even date For & on behalf of the Board of Directors For Batra Swain & Associates Chartered Accountants

A N Mahapatra P K Mohanty Santosh Kumar Sahu Hemant Sharma Partner Company Secretary Director (F) & CFO Managing Director M. No. 066784 [ DIN: 05297051] [DIN: 01296263]

Place : Bhubaneswar Date : 27.07.2015

151 1. SIGNIFICANT ACCOUNTING POLICIES FOR THE PERIOD ENDED 31ST MARCH, 2015 COMPANY OVERVIEW 1. The company is a wholly owned subsidiary of M/s Odisha Hydro Power Corp. Ltd (OHPC). It was incorporated on dtd.18.04.2013 under the Companies Act,1956. The main aim & objective for creation and constitution of GEDCOL by Govt. of Odisha in Department of Energy is to explore the huge renewable energy resources in the State which are otherwise untapped for long time. 2. The Company has obtained the Certificate of Commencement of Business w.e.f 24.05.2013 from the Registrar of Companies, Odisha. Statement on Significant Accounting Policies : A) Basis of preparation of financial statement The financial statements of the Company have been prepared and presented under historical cost convention, on accrual basis of accounting, in accordance with the accounting principles generally accepted in India and in compliance with the mandatory Accounting standards issued by the Institute of Chartered Accountants of India and with the relevant provisions of the Companies Act, 2013 as adopted consistently by management. All the income and expenditure having material impact on financial statements are recognized on accrual basis. B) Use of Estimates The preparation of financial statements is in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities as of the date of the financial statement and reported amounts of income and expenses during the period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized. C) Fixed Assets The fixed assets are stated at cost less accumulated depreciation and impairment, if any. Cost comprises of all expenses incurred in bringing the assets to its present location and working condition for intended use and inclusive of incidental expenses relating to acquisition and financing cost capitalized, net of cenvat and grant received against specific assets. D) Intangible i) Expenditure incurred on development of various projects is recognized as an asset after ascertaining its feasibility of completion, considering available resources and when it is probable that expenditure will generate future economic benefits. ii) Intangible assets in form of legal rights are recognized at cost of acquisition and amortized over a period of useful life not exceeding period of legal rights. Recoverable amount of each intangible asset is reviewed at each balance sheet date. The Company has ascertained its operating cycle as 12 months for the purpose of current / non- current classification of assets and liabilities. E) Cash and Cash Equivalents (i) Cash comprises cash on hand and demand deposits with Banks. Cash equivalents are short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

152 (ii) As per requirements of AS-3 prevail over Schedule III and disclosure requirements of Schedule III shall be modified as per AS-3.Accordingly, the item heading "cash and cash equivalents" shall be changed to "cash and bank balances" which will be further divided in to two sub-heading i.e. "cash and cash equivalents" containing items that constitute cash and cash equivalents as per AS-3 and "other bank balance" containing other items of cash and cash equivalents as per Schedule III not covered in AS-3. F) Prvisions. Contigent Liabilities and Contingent Assets Provision is recognized only when there is a present legal obligations, as a result of past events, for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimation can be made from the amount of obligations. A disclosure for a contingent liability is being made when there is a possible obligation or a present obligation that may but probable will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the like hood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are not recognized in the Finance Statements. G) Earning per Shares Basic and diluted earnings per share are computed by dividing the net profit or loss after taxes attributable to equity share holders for the year, with weighted number of equity share out standing during the period. H) Foreign Exchange Transaction Foreign Currency Transaction during the year are recorded at rates of Exchange prevailing on the date of Transaction. Foreign Currency assets and liabilities are translated into rupees at the rate of exchange providing on the date of the Balance sheet. I) Cash Flow Statement Cash Flow Statement is prepared in accordance with the indirect method prescribed in Accounting standards (AS) 3 on " Cash Flow Statement". J) Revenue Recognition Revenue has been accounted for on accrued basis. K) Taxes on Income Current Tax is the amount of Tax payable for the year, determined under the provisions of Tax Laws. Deferred Tax is recognized, subject to the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period are capable of reversed in once or more subsequent periods. l) Borrowing Costs Borrowing Costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue. Borrowing cost payable on financial assistance received from government is provided when the terms and amount of borrowing cost finally payable is ascertained. H) Contingencies / Provisions Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes, if any. Contingent assets neither are disclosed nor recognized in the financial statements.

153 NOTES ON ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2015 (Amount in `.) Particulars 2014-15 2013-14 2 . SHARE CAPITAL a) Authorized 10,00,000 Equity Shares of rs.1000/- each 1,000,000,000 1,000,000,000 b) Issued 4,98,900 Equity Shares of Rs.1000/- each fully paid 498,900,000 70,000,00 c) Subscribed & paid up 4,98,900 Equity Shares of Rs.1000/- each fully paid 498,900,000 70,000,000 d) The Reconciliation of the number of shares outstanding as at 31st March, 2015 is set out below. No. of shares Shares outstanding at the beginning of the year 70,000 0 Shares issued during the year 428,900 70,000 Shares bought back during the year - 0 Shares outstanding at the end of the year 498,900 70,000

e The Company has only one class of shares referred to as equity shares having a par value of Rs.1000 each holder of equity of shares.

f The Shares (in aggregate) of each class held as at 31st March,2015 is set out below: Holding company & its Nominees 498,900 70,000 Ultimate Holding Company - - Subsidiaries - - Associates of the Holding Company - - Associates of the Ultimate Holding Company - - Total 498,900 70,000

g The Details of shareholder holding more than 5% shares as at 31st March, 2015 is set out below : % Held as at 31st March, 2015 No. of shares M/s Odisha Hydro Power Corporation 100.00 498,900 70,000 Limited and its Nominees 100.00 498,900 70,000 h The details of Shares issued in the preceding five years from as at 31st March, 2015 is set out below: Year (Aggregate Year (Aggregate No. of Shares) No. of Shares) 2014-15 2013-14 Fully paid up pursuant to contract(s) without Payment being received in cash Nil Nil Fully paid up by way of bonus shares Nil Nil Shares bought back Nil Nil Nil Nil 3 RESERVE AND SURPLUS a. Surplus Opening Balance (6,405,380) - (+) Net Profit / (Net Loss) For the currecnt year 7,221,413 (6,405,380) Closing Balance 816,033 (6,405,380) b. Capital Reserve Opening Balance -- Add: Addition during the year (Grant from Govt.) 100,000,000 - Closing balance 100,000,000 - Total a+ b 100,816,033 (64,05,380)

154 Govt. of Odisha has agreed to provide Rs. 24.00 Crore towards Grant to GEDCOL for the 20MW Solar Power Plant project to be setup at Manamunda. Meanwhile, Department of Energy in Govt. of Odisha vide letter No. 10460 dtd. 29th December 2014 sanctioned and released a sum of Rs.10.00 Crore in favour of GEDCOL for New and Renewable Energy. Rs.10.00 Crore was transfer to OHPC on 03.02.2015. The said amount has been shown as "Grant from Govt." under Capital Reserve and the corresponding entry has been shown as "Advance to OHPC" under Current Assets. 4 Other Current Liabilities Payable for expenses and others to holding Company( OHPC) 4,354,748 1,055,980 Sundry liability - 3,123,525 TDS Payable 15,541 338,094 Entry Tax Payable 21,525,426 - Service Tax Payable 618 - Provision for Income- Tax (MAT) 502,488 - Provision for Income -Tax - - Work Contract Tax Payable 7,800 - Deposit from Others (5MW Roof Top) 436,968 - EMD from Contractor/Suppliers 31,077 Out Standing liabilities (For Expenses) 143,559 - Sundry Creditors for supply of materials 1,030,374,691 - Audit Fees Payable 27,000 - Director Sitting fees Payable 9,000 - 1,057,428,916 4,517,599 5 Short - Term Provisions Provision for others (Out standing Liabilities) 7,730.00 7,730.00

Note No 6 : Fixed Assets Name of Rate of Gross block Addition Total the Asset Dep.(%) as on as on Depreciation/ Amortization Net Block 31.03.2014 31.03.2015 As on Prior For Total as As on As on 31.03.2014 Period the year on 31.03. 31.03. adjustment 31.03.2015 2014 2015 (i) Tangible Assets Land Lease hold - 8,56,57,836 8,56,57,836 - - 5,76,253 5,76,253 - 8,50,81,583 Free hold ------Total - 8,56,57,836 8,56,57,836 - - 5,76,253 5,76,253 - 8,50,81,583

(ii). Capital Work in Progress Description Opening Work Expenses Incurred Transfer Closing Work in in Progress During the Year to assets Progress as on 31.03.2015 (a) Materials supplied by BHEL(20MW SPV at Manamunda) * - 1,15,99,00,117 - 1,15,99,00,117 (b) Adviosory/consultancy service (20MW SPV at Manamunda) - 15,30,166 - 15,30,166 (c) Transmission Line (20MW SPV at Manamunda) - 57,55,857 - 57,55,857 (d) SHEP Project 47,60,080 2,95,651 - 50,55,731 Total 47,60,080 1,16,74,81,791 - 1,17,22,41,871

155 *Notes : Materials Supplied by BHEL (20MW SPV at Manamunda) includes :- (i) Materials at Site for Rs 87,59,00,992/-.(ii) Materials in transite for Rs 20,03,70,307/-and (iii) Materials with supplier for Rs 8,36,28,818/- Description Notes : 1. Company has acquired leasehold form IDCO ,measuring Ac 152.324 valuing Rs.8,52,12,129 /- vide lease agreement dated 10th Oct 2014 & 3rd December 2014 for Ac 109.494 & Ac 42.83 respectively. 2. Leasehold land has been amortized over a lease period of 64 years w.e.f 10th Oct 2014 & 3rd December 2014 for Ac 109.494 & Ac 42.83 respectively.

(Amount in `.) Particulars As at 31.03.2015 As at 31.03.2014 7 . Pre-operative Expenditure Consultancy Fees paid to IFC - 1,725,541 SHEP Project - - - 1,725,541 8 CASH AND BANK BALANCES Cash in hand 12,088 2,237 Balance with Bank In current Account 154,397,237 1,383,115 Earmarked Balance with Bank - 60,000,000 154,409,325 61,385,352 The details of balance as on balance sheet dates with the banks are as under State Bank of India, IDCO Tower Branch, Bhubaneswar. 259,722 1,383,115 Union Bank Of India, Sahid Nagar Branch, Bhubaneswar 154,137,515 - Earmarked Balance with Bank - 60,000,000 9 Short term Loans & Advances TDS Receivable 706,963 18,133 Advance to OHPC 100,000,000 - Temporary advance 4,157 - Mobilization Advance 144,690,800 - 245,401,920 18,133 10 Other Current Assets Interest accrued but not due 10,250 230,843 10,250 230,843 11 OTHER INCOME Other non- operating Income- Interest on deposit. 12,970,166 331,807 Misc Receipt 727 - Processing Fee 173,500 100,000 13,144,393 431,807 12 Employee benefit expenses Salary 3,059,989 872,676 3,059,989 872,676 13 Administrative & other Expenses Printing & Stationary 61,252 10,055 Sitting Fees 202,249 61,911 Postage & Stamp Exps. 330 250

156 Meeting Expenses 80,380 5,563 Bank charges 1,562 51,649 Professional Charges 181,199 420,466 Contract service expenses 158,250 39,154 Miscellaneous Expenses 19,880 9,293 Software package - 16,800 Fees Towards Tender Documents - 115,000 Travelling & Conveyance 618,624 51,644 Advertisement 129,825 44,116 *Audit Fees 33,708 30,000 Preliminary Expenses - 5,108,610 R & M of Vehicle 72,567 - Vehicle running Expenses 114,459 - Electricity Charges 2,828 Out side Training Fees 34,292 Legal Expenses 14,890 Rent (Office) 48,000 Insurance Charges 5,597 Telephone Charges 4,358 1,784,250 5,964,511 *Audit Fees i. As statutory Audit fees 30,000 15,000 ii. For out of pocket expenses - 15,000 30,000 30,000 14 Treatment of Expenditure during Construction period. Expenditure incurred towards Consultancy Fees paid to IFC for Roof top Solar were booked under Pre-operative expenditure and the same was to be allocated to the appropriate capital head of Accounts during the financial year 2013-14. However during the current financial year the Govt of Odisha in Planning and Coordination Deptt. has reimbursed the expenditure. Hence, the previous year transaction against payment to IFC for Rs.17,25,541/- has been reversed and charged to appropriate head of accounts. 15 Mobilisation Advance Mobilisation Advance paid to M/s.BHEL amounting to Rs. 14,46,90,800/- against submission of Bank Guarantee towards Performance BG & Advance BG group is shown under Current assets . 16 TAX EXPENSES a) Current Tax Current tax is the amount payable for the year, determined under the provisions of the tax laws. b) Deferred Tax Assets for the year is not recognized in view of reasonable certainty as well as virtual certainty are not supported by the convincing evidences. 17 CONTINGENT LIABILITIES / PROVISIONS Odisha Hydro Power Corporation Ltd. (OHPC) holding Company had provided the BG for Rs.6 Crore issued in favour of Solar Energy Corporation of India Limited on behalf of GEDCOL. The Bank charges against issue of the said BG has been booked to the Accounts of GEDCOL for FY 2013-14. Subject to the above ,contingent liabilities & commitments charges to the extend not provided for :

157 a. CONTINGENT LIABILITIES Nil b. COMMITMENTS Nil 18 Company has not received intimation from any "enterprise" regarding its status under Micro Small & Medium Enterprise Development Act, 2006 (MSMED, Act) and therefore no disclosure under the said Act is considered necessary. 19 Foreign currency transactions a) Expenditure incurred in foreign currency on cash basis being payment (Amount in Rs) made to consultants. 15,70,408 b) Value of Imports calculated on CIF basis being components, spare parts and construction materials through LC. NIL c) Traveling expenses. NIL

20 Related Party Transaction. 1. List of Related Parties. a) Key Management Personnel : Shri Hemant Sharma, IAS, Managing Director. Shri S.K.Sahu,D(F) & CFO , Shri P.K. Mohanty, Company Secretary b) Relative of Key Management Personnel and their enterprises, where transactions have taken place :Nil. 2. Transactions with related parties : Details related to parties referred to in (1) (a) above. (Amount in Rs) Sitting Fees and Director Exps to all Directors 2014-15 2013-14 202,249 61,911 21 50% of the salary of four nos. of executives and 100% of the salary of two nos of executives of OHPC has been booked under Employee benefits of GEDCOL since they are discharging the day to day work of GEDCOL in addition to their Job responsibility in OHPC. 22 Expenses incurred during the period under various account heads has been claimed as expenses for the year, as considered that no further economic benefits are attributable to the asset in pursuant to AS-26 " Intangible assets" issued by the ICAI. 23 In the option of the Board of Directors of the Company and to the best of their knowledge and belief, all the current assets have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated. 24 Figures have been rounded off to the nearest rupees wherever considered necessary. 25 Previous years figures have been restated/ recasted, wherever necessary, to confirm to this year's classification.

As per our attached report of even date For & on behalf of the Board of Directors For Batra Swain & Associates Chartered Accountants

A N Mahapatra P K Mohanty Santosh Kumar Sahu Hemant Sharma Partner Company Secretary Director (F) & CFO Managing Director M. No. 066784 [ DIN: 05297051] [DIN: 01296263] Place : Bhubaneswar, Date : 27.07.2015

158 G R C & ASSOCIATES N-6/432, 1st Floor, IRC Village, Nayapalli, Bhubaneswar - 751015, CHARTERED ACCOUNTANTS Tel: +91-674-2553363, Fax: +91-674-2553365, Cell : 9437064902, 9777999902 E-mail : [email protected]

INDEPENDENT AUDITORS' REPORT

To The Members, Odisha Hydro Power Corporation Limited, Bhubaneswar. Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Odisha Hydro Power Corporation Limited "the Holding Company" and its subsidiaries, its jointly controlled entities (Collectively referred to as "the Group"),which comprise of the Consolidated Balance Sheet as at31stMarch,2015,the Consolidated Profit and Loss Statement, the Consolidated Cash Flow Statement for the year then ended, and a summary of the significant Accounting Policies and other explanatory information on the consolidated financial statements. Management's Responsibility for the Consolidated Financial Statements The Holding Company's Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements of the Companies Act, 2013 that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group including its subsidiary and Jointly controlled entities in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified underSection133 oftheAct,readwithRule7 of the Companies (Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accountingrecords,relevanttothepreparationandpresentationof the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain

159 reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding Company's preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Holding Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Holding Company's Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our qualified audit opinion on the consolidated financial statements. Basis for Qualified Opinion 1. On the account of Holding Company audited by us a) Interest receivable from GRIDCO & profit for the year are understated to the tune of Rs.35.12 crore due to non-accounting of the interest receivable from GRIDCO on 8% Debt Securitization of GRIDCO dues amounting to Rs.619 crore. b) The company has not ascertained deferred Tax Liability/deferred Tax Assets during the year and no provision has been made for deferred Tax Liability / deferred Tax Assets in accordance with AS - 22 ( Accounting for Taxation) issued by The Institute of Chartered Accountants of India. c) Short Term Provision is understated & Accumulated Profit is overstated to the extent of non provision of liabilities on account of pension fund & leave encashment fund (figures not ascertained) relating to deputed employees. d) The Company has not ascertained the provision required to be made on account of impairment of fixed assets as per Accounting Standard - 28 issued by ICAI even though the company is having the clear case of impaired assets i.e CWIP of Potteru Project amounting to Rs.23.03 crore, Sindol Project amounting to Rs.0.29 crore & Building WIP including office & staff quarter amounting to Rs.0.34 crore. e) Sundry Debtors on account of receivable from CSDPL is overstated & Profit & loss account is overstated to the tune of Rs.1.77 crore due to non provision against bad & doubtful debts as the same has not been accepted by the CSDPL. f) Sundry Debtors on account of receivable from GRIDCO is overstated & Profit & loss account is overstated to the tune of Rs.11.94 crore due to non provision against bad & doubtful debts as the same has not been accepted by the GRIDCO even if final reconciliation has been completed till the financial year 2014-15. 2. On the account of Subsidiary, Joint Controlled entities audited by other auditors : In case of GEDCOL the capital work in progress is carried in the balance sheet ` at Rs1,17,22,41,871/- which includes Rs50,55,731/- for small hydro Projects(SHEP) which is paid towards the consultancy fees

160 such as preparation of PFR,DFR etc. If we go by provision of the AS-26:"Intangible Assets" overhead expenditures in the nature of consultancy fees should be charged as revenue expenses instead of capitalizing them as no further economic benefits are attributable from them. Therefore, the management should have charged the consultancy fees shown as work-in-progress in the statement of Profit & Loss instead of capitalizing them which constitutes a departure from accounting standards referred to subsection(1) of section 133 of companies Act 2013 read with rule-7 of the Companies (accounts) rules 2014. The companies records indicates that had the management administrative & overhead expenditures in the statement of Profit & Loss, then an amount of Rs50,55,731/- would have been required to be charged as expenses. Accordingly, total expenses would have been increased by Rs50,55,731/- and net profit and shareholders' funds would have been reduced by Rs50,55,731/-. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, i) In Case of Balance Sheet, of the consolidated state of affairs of the Group and jointly controlled entities as at March 31, 2015, ii) In case of Profit & Loss Account, of its consolidated profit for the year ended on thatdate, and iii) In case of Cash Flow Statement, of its consolidated cash flows for the year ended on that date Other Matters We did not audit the financial statements of M/S GREEN ENERGY DEVELOPMENT CORPORATION Limited, subsidiary, and M/S BAITARNI WEST COAL COMPANY LIMITED &M/S ODISHA THERMAL POWER CORPORATION LIMITED jointly controlled entities, whose financial statements/ financial information reflect total assets ofRs.276.32 crore as at 31st March, 2015,total revenues of Rs.2.05 crore and net cash flows amounting to Rs.12.40 Crore for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group's share of net profit of Rs.0.72 crore & loss of Rs. 0.62 crore for the year ended 31st March, 2015, as considered in the consolidated financial statements, whose financial statements / financial information have not been audited by us. These financial statements /financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so farasitrelatestotheamountsanddisclosuresincludedinrespectofthese subsidiary and jointly controlled entities, and our report in terms of sub-sections(3) and (11)of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and jointly controlled entities are based solely on the reports of the other auditors. The financial statements of M/S Odisha Coal & Power Limited ,one of the joint venture company has not considered in the consolidation financial statements. Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements /financial information certified by the Management.

161 Emphasis of matter 1. We draw attention in case of Holding Company audited by us a) Other Long Term Liabilities includes of Rs17.71 crore as detailed below is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. Name of the Unit Head of Account Amount (Rs in Crores) BHEP Creditor for Raw materials 0.12 Other Payable 4.03 HHEP Employee Liabilities 0.50 Liabilities for provision of 4.10 Guarantee Commission UIHEP Retention Money 3.75 Creditor for Raw materials 0.25 SD from Contractor & Suppliers 2.24 CHEP Sundry Creditor Raw Materials 1.99 Sundry Creditor for works 0.24 UKHEP Liabilities for Others 0.49 Total 17.71 b) Other Current Liabilities includes of Rs. 9.93 Crore as detailed below is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. Name of the Unit Head of Account Amount (Rs in Crores) UIHEP Liability to others 8.95 Provision for others 0.98 Total 9.93 c) Long term advances to the tune of Rs.7.15 crore is unmoved since long & also subject to reconciliations & confirmations and the impact of which arising out of such reconciliation has not been ascertained. 2. We draw attention in case of Subsidiary &Joint Venture Company not audited by us a. The Company has made provision for gratuity and leave salary on flat basis and not based on actuarial valuation as required by AS-15 issued by the ICAI. b. In the Cash flow statement Rs2.51lakhs is wrongly exhibited under para B "Cash flow from Investment activities" instead of exhibiting in part A cash flow from operating activities. c. Attention is invited to Note No-19 regarding collateral securities of Rs.75 crores given by the three promoter companies twenty five crore each for issuance of BG which is subjudice for which the company is contingently liable. Our opinion is not qualified / modified in respect of this matters above. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor's Report) Order,2015 ("the Order"), issued by the Central Government

162 of India in terms of sub-section (11) of Section 143 of the Act, based on the comments in the auditors' reports of the Holding Company, subsidiary companies, and jointly controlled companies incorporated in India, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the Act, we report, to the extent applicable, that: (a) We have sought obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements. (b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors. (c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements. (d) In our opinion, except for the effect of the matters described in the Basis for Qualified Opinion & emphasis of matter paragraph above, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors of the Holding Company as on 31st March, 2015 taken on record by the Board of Directors of the Holding Company and the reports of the other statutory auditors of its subsidiary companies, and jointly controlled companies incorporated in India are not disqualified from being appointed as a director in terms of Section 164 (2) of the Act, none of the other directors of the Group's companies and jointly controlled companies incorporated in India is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section164(2) of the Act. (f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group and jointly controlled entities as per Note-38 to the consolidated financial statements. ii. The Group and jointly controlled entities did not have any material foreseeable losses on long- term contracts including derivative contracts. iii. There were no amounts which were required to be transferred to the Invester or Education and Protection Fund by the Holding Company, and its subsidiary companies and jointly controlled companies incorporated in India. For G R C & Associates Chartered Accountants (Firm Registration No-002437S)

CA. P. M. Dash Bhubaneswar Partner The 30th day of July 2015 M. No. 069682

163 ANNEXURE- I TO INDEPENDENT AUDITOR'S REPORT Referred to paragraph 1 of our report of even date

I. In respect of its fixed assets : a) The holding company including subsidiary & joint controlled entity have maintained proper records showing full particulars including quantitative detailsand situation of fixed Assets as per unit auditor's report. b) As explained to us, and the information collected from the holding companyincluding subsidiary & joint controlled entity auditor's report that fixed assets have been physically verified by the management during the year except M/SBWCCL& frequency of physical verification is reasonable having regards to the size of the Company and in our opinion and according to the information and explanations provided to us, no material discrepancies were noticed on such verification. II. In respect of its inventories : a) As per holding company including subsidiary & joint controlled entity auditors' report, the management at regular intervals during the year has physically verified inventories. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. c) The holding company including subsidiary & joint controlled entity have maintained proper records of inventories. As explained to us, the material discrepancies noticed by the stock auditor are dealt within the accounts. III. In respect of loans, secured or unsecured, holding company including subsidiary & joint controlled entity have neither granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the companies Act,2013. Hence the provision of clauses (a) & (b) of the order are not applicable. IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of power and services further it needs to be strengthened. V. In our opinion, as per information and explanation given to us, holding company including subsidiary & joint controlled entity have not accepted any deposits hence the relevant provisions of the Companies Act and the rules framed there under not applicable. VI. As per information and explanation given to us and according to the holding company including subsidiary & joint controlled entity Auditors Report, maintenance of cost records has been prescribed by the Central Government under section (1) of section 148 of the Companies Act 2013 and such accounts and records have been made and maintained but in case of Upper Indravati are under preparation. VII. (a) As per information and explanation given to us and based on the holding company including subsidiary & joint controlled entity Auditors Report, the Corporation has been regular in depositing undisputed Statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax,

164 service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues during the year with appropriate authorities. As per information and explanation given to us and based on the Unit Auditors Report, there are no outstanding statutory dues as on 31st March 2015 for the period of more than six months from the date they became payble. (b) As per information and explanation given to us and based on the holding company including subsidiary & joint controlled entity Auditors Report, there are no amounts payables in respect of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of dispute, except in cases of UIHEP Mukhiguda of OHPC. Name of Unit Nature of Dues Disputed Amount Forum where disputed is Pending UIHEP, Mukhiguda Sales Tax Rs.20, 90,646.00 High Court, Odisha UIHEP, Mukhiguda EPF Rs.10,93,274.00 High Court, Odisha (c) The holding company including subsidiary & joint controlled entity has no dues required to be transferred to the Investor Education and Protection Fund as on 31.03.2015 VIII. The holding company including subsidiary & joint controlled entity does not have accumulated losses as at 31.3.2015 and has not incurred any cash loss during the financial year covered by our audit or in the immediately preceding financial year. IX. As per information and explanation given to us and based on the holding company including subsidiary & joint controlled entity Auditors' Report, the company has not defaulted in repayment of dues to financial Institutions and banks. X. As explained to us, the holding company including subsidiary & joint controlled entity have given guarantee for Rs.25 Crores in favour of Baitarani West Coal Company Ltd. by pledging fixed deposit with Punjab & Sind Bank, Ashok Nagrar , Bhubaneswar and Rs.6 crore in favour of GEDCOL(100% Subsidiary Company) by pledging fixed deposit with Axis Bank, BasuaGhai , Bhubaneswar . The terms & conditions thereof are not prejudicial to the interest of the company. XI. As explained to us holding company including subsidiary & joint controlled entity has not raised term loans during the year, therefore, clause 3 (xi) of the companies (Auditors' Report) Order, 2015 is not applicable to the company. XII. In our opinion and according to the information and explanations given to us, no fraud on or by the holding company including subsidiary & joint controlled entity have been noticed or reported during the year , that causes the financial statements to be materially misstated.

For G R C & Associates Chartered Accountants (Firm Registration No-002437S)

CA. P M Dash Bhubaneswar Partner The 30th day of July 2015 M. No. 069682

165 Comments of the Comptroller and Auditor General of India under section 143(6)(b) of the Companies Act, 2013 on the Consolidated Financial Statement of Odisha Hydro Power Corporation Limited for the year ended 31 March, 2015.

The preparation of Consolidated Financial Statements of Odisha Hydro Power Corporation Limited for the year ended 31 March 2015 in accordance with financial reporting framework prescribed under the Companies Act, 2013 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under Section 139(5) read with 129(4) of the Companies Act, is responsible for expressing opinion on the financial statements under Section 143 read with 129(4) of the Act, based on independent audit in accordance with the Standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated : 30 July 2015. I, on behalf of the Comptroller and Audit General of India have conducted a supplementary audit under Section 143(6)(a) read with 129(4) of the Act of the Consolidated Financial Statements of Odisha Hydro Power Corporation Limited for the year ended 31 March 2015. We conducted a supplementary audit of the financial statement of Green Energy Development Corporation of Odisha Limited and Odisha Thermal Power Corporation Limited, but did not conduct supplementary audit of the financial statements of Baitarani West Coal Company Limited for the year ended on that date. This supplementary audit has been carried out independently without access to the working paper of the Statutory Auditors and is limited primarily to inquiries of the Statutory Auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit, I would like to highlight the following significant mater under section 143(6)(b) read with 129(4) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the Consolidated Financial Statements and the related Audit Report. Comments on Disclosure: Significant Accounting Policies followed by Group Para-10 (Depreciation) 1. Depreciation of Fixed Assets of OHPC has been charged as per the rates prescribed under Section 178 of the Electricity Act, 2003 read with Central Electricity Regulatory Commission (Terms and Conditions of tariff) Regulations 2009 whereas, in case of BWCCL and OTPCL, depreciation has been charged as per the rates prescribed in Schedule-II of the Companies Act, 2013. GEDCOL has not mentioned any accounting policy for depreciation. The disclosure made is deficient to that extent. Para-11 2. The disclosures made on retirement benefits is related to OHPC only. In respect of other Companies in the Group the retirement benefits have been recognized on cash basis. This has not been disclosed.

For and On behalf of the Comptroller and Auditor General of India

Sd/- Place: Bhubaneswar (R.AMBALAVANAN) Date: 24.09.2015 ACCOUNTANT GENERAL

166 CONSOLIDATED FINANCIAL STATEMENT

OF ODISHA HYDRO POWER CORPORATION LIMITED (A Government of Odisha Undertaking )

Financial Year 2014-15

167 Consolidated Balance Sheet of Odisha Hydro Power Corporation Ltd with its 100% Subsidiary GEEDCOL,Joint Venture of BWCCL and OTPC LTD, as at 31st March 2015

(In Rupees) Particulars Note No. Figures as at the end of current reporting period ended 31st March-2015 I. EQUITY AND LIABILITIES (1) Shareholders' funds (a) Share capital 2 3,39,80,07,000 (b) Reserves and surplus 3 6,84,50,23,470 (c) Money received against share warrants Sub-total [ (a)+(b)+(c) ] 10,24,30,30,470 (2) Share application money pending allotment (3) Non-current liabilities (a) Long-term borrowings 4 13,00,65,96,737 (b) Deferred tax liabilities (Net) provisions (c) Other Long term liabilities 5 3,50,91,17,065 (d) Long-term provisions 6 43,67,64,792 Sub-total [ (a)+(b)+(c)+(d) ] 16,95,24,78,594 (4) Current liabilities (a) Short-term borrowings 7 - (b) Trade payables 8 1,05,04,32,059 (c) Other current liabilities 9 3,95,04,03,220 (d) Short-term provisions 10 42,22,27,940 Sub-total [ (a)+(b)+(c)+(d) ] 5,42,30,63,219 GRAND TOTAL 32,61,85,72,283 II. ASSETS (1) Non-current assets (a) Fixed assets (i) Tangible assets 11 10,93,75,77,770 (ii) Intangible assets 12 (iii) Capital work-in-progress 13 1,73,54,79,335 (iv) Pre-operative Expenditure - Sub-total [ (i)+(ii)+(iii)+(iv) ] 12,67,30,57,105 (b) Non-current investments 14 2,45,000 (c) Deferred tax assets (net) (d) Long-term loans and advances 15 1,05,18,67,577 (e) Other non-current assets 16 6,28,99,98,954 Sub-total [ (a)+(b)+(c)+(d)+(e) ] 7,34,21,11,531 (2) Current assets (a) Current investments

168 (b) Inventories 17 54,79,29,160 (c) Trade receivables 18 1,36,45,37,916 (d) Cash and cash equivalents 19 9,36,97,87,036 (e) Short-term loans and advances 20 92,04,12,332 (f) Other current assets 21 40,07,37,203 Sub-total [ (a)+(b)+(c)+(d)+(e)+(f) ] 12,60,34,03,647 GRAND TOTAL 32,61,85,72,283

Significant Accounting Policy and Accompanying notes forming part of the financial statements. In terms of our report of even date attached. . For G R C & Associates Chartered Accountants

P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance Chairman-cum- M. No.-069682 & CFO) Managing Director (DIN-05297051) (DIN-00229586) Place : Bhubaneswar Date : 30.07.2015

169 Consolidated Statement of Profit and Loss Accounts of Odisha Hydro Power Corporation Ltd with its 100% Subsidiary GEDCOL, Joint Venture of BWCCL and OTPC LTD, for the year ended 31st March 2015 (In Rupees) PARTICULARS Note No. Figures as at the end of current reporting period ended 31st March-2015 I Revenue from operations 22 4932412904 II Other income 23 1336496353 III Total Revenue (I + II) 6268909257 IV Expenses : Repair & Maintenance expenses 24 620953605 Operational expenses 25 98488380 Employee benefits expense 26 1604462964 Administrative & General expenses 27 199686624 Finance costs 29 584715363 Depreciation and amortization expense 11 2948302724 Selling & Distribution expenses 30 43137450 Total expenses 6099747110 V Profit before prior year adjustments (III-IV) 169162147 VI Prior year adjustments 28 -299190317 VII Profit before exceptional and extraordinary items and tax (V-VI) 468352464 VIII Exceptional items 31 IX Profit before extraordinary items and tax (VII - VIII) 468352464 X Extraordinary Items XI Profit before tax (IX-X) 468352464 XII Tax expense: (1) Current tax 889110496 (2) Less Mat Credit set off 578453172 (3) Net Current Tax Liability 311372422 (4) Prior period Provision for FBT XIII Profit (Loss) for the period from continuing operations (XI - XII) 156980042 Profit (Loss) for the period (XIII) 156980042 XIV Earnings per equity share: (1) Basic 49 (2) Diluted Significant Accounting Policy and Accompanying notes forming part of the financial statements. In terms of our report of even date attached. . For G R C & Associates Chartered Accountants P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance) Chairman-cum- M. No.-069682 & CFO) Managing Director Place : Bhubaneswar, Date : 30.07.2015 (DIN-05297051) (DIN-00229586)

170 CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31.03.2015

(In Rupees) P A R T I C U L A R S Figures as at the end of current reporting period ended 31st March-2015 1 Cash flows from operating activities : Net profit before taxation and extraordinary items and tax 46,83,52,464 Adjustment for : Depreciation & amortization 2,94,83,02,724 (Profit) / Loss on Sale of Assets 49,139 Write off of Assets - Provision for Income tax (31,08,69,934) Interest income (1,12,79,59,712) Finance Cost 58,47,15,363 Operating profit before working capital changes 2,56,25,90,044 Adjustment for (Increase) / Decrease in operating assets. Increase in inventories (6,98,47,529) Increase in Other Current Assets 1,45,92,145 Increase in Other Non-Current Assets 11,09,62,718 Increase in Short -term loan & advance (56,87,05,022) Decrease in trade receivables (91,48,08,254) Decrease in Long-term loans & advances 1,18,39,935 Total (1,41,59,66,007) Adjustment for (Increase) / Decrease in operating Liabilities. Decrease in Trade Payable 1,19,63,552 Decrease in Short -term borrowings - Decrease in Other Current Liabilities 1,07,12,75,161 Increase in Other Long term Liabilities 43,95,45,376 Decrease in Short-term Provision (7,82,94,797) Decrease in Long-term Provision 43,28,56,177 Total 1,87,73,45,469 Cash generated from operations 3,02,39,69,506 Net Cash flow before extraordinary item 3,02,39,69,506 Extraordinary Items - Net cash flow operating activities 3,02,39,69,506 2. Cash flows from investing activities : Capital Expenditure on fixed assets including capital advances (1,38,40,55,726) Increase / ( Decrease) Pre- operative expenditure 3,07,71,129 Interest received 1,26,91,60,118 Long term investment in JVs (52,91,45,000) 3. Net cash flow investing activities - (61,32,69,480) Cash flow from financing activities : Proceeds from issue of share Capital 52,89,00,000 Received form Govt of Odisha 10,00,00,000 Repayment long term borrowings to State Govt (1,51,15,00,000)

171 Govt. of Odisha Loan-3-POTTERU (9,29,50,000) Repayment of long term borrowings (PFC) (16,66,20,951) 4. Dividend Paid & Proposed Dividend (4,67,83,252) 5. Tax on Dividend (93,53,867) Finance Cost (58,70,88,220) 6. Net cash used in financing activities (1,78,53,96,291) Net increase in cash and cash equivalents (1+2+3) 62,53,03,735 Cash and cash equivalent at beginning of the year 8,74,44,83,300 Cash and cash equivalent at end of the year * 9,36,97,87,036 * Comprises (a) Cash on Hand 1,89,158 (b) Balances with Banks (i) In current accounts 63,10,09,769 (ii) In Earmarked accounts 8,73,85,70,000 (c ) Postal order & Stamp 18,110

Significant Accounting Policy and Accompaning notes forming part of the financial statements. In terms of our report of even date attached. . For G R C & Associates Chartered Accountants

172 ACCOUNTING POLICIES FOLLOWED BY THE GROUP

SIGNIFICANT ACCOUNTING POLICIES : 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS : 1.1 The consolidated financial statements (CFS) are prepared in accordance with Accounting Standard (AS) 21- "Consolidated Financial Statements", Accounting Standard (AS) 23 - "Accounting for Investments in Associates in Consolidated Financial Statements" and Accounting Standard (AS) 27 - "Financial Reporting of Interests in Joint Ventures", prescribed under section 133 of the Companies Act, 2013 ('the Act') read with Rule 7 of the Companies (Accounts) Rules, 2014. 1.2 Principles of Consolidation i. The financial statements are prepared in accordance with the principles and procedures required for the preparation and presentation of consolidated financial statements as laid down under the Accounting Standard (AS) 21,"Consolidated Financial Statements". The financial statements of the Parent Company and its Subsidiaries are consolidated on a line by- line basis by adding together the book values of like items of assets, liabilities, income and expenses, after eliminating intra-group balances and are presented to the extent possible, in the same manner as the Parent Company's independent financial statements. Associates are consolidated by adopting the equity method of accounting. Investments in Joint Ventures are consolidated using proportionate consolidation method on a line-by-line basis, after eliminating intra-group balances to the extent of Group's share in the Joint Ventures. As far as possible, the Consolidated Financial Statements of the Group have been prepared using uniform accounting policies for like transactions and other events in similar circumstances. ii. Companies included in Consolidation Particulars Country of Share holding as Share holding as Incorporation at 31/03/2015 at 31/03/2014 GEDCOL India 100% 100% BWCCL India 33.33% 33.33% OTPC India 50% 50% iii. Company not included in Consolidation Particulars Country of Share holding as Reason Incorporation at 31/03/2015 OCPL India 49% OHPC has acquired 49 % of OCPL share on 05/02/ 2015 which was 100% subsidiary of OPGC. Since the first accounting period for JV is not concluded as on 31.03.2015

173 1.3 These financial statements have been prepared under the historical cost convention method in accordance with the Generally Accepted Accounting Principles in India (INDIAN GAAP) including Accounting Standards notified under the relevant provisions of Companies Act, 2013. 1.4 The Company follows Mercantile System of Accounting and recognizes significant items of income and expenditure on accrual basis except those with significant uncertainties. 2. USE OF ESTIMATES The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialized. 3. LIABILITY The liabilities, which could not be ascertained at the time of transfer of Assets & Liabilities by Government of Orissa on 01.04.1996 are accounted for as and when settled. 4. FIXED ASSETS 4.1 TANGIBLE ASSETS (a) Tangible Assets are stated at cost net of recoverable taxes, trade discounts and rebates less accumulated depreciation and impairment loss, if any. The cost of Tangible Assets comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. (b) Subsequent expenditures related to an item of Tangible Asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance. (c) The grants-in-aid received against capital expenditure of projects are adjusted at the time of capitalization of assets on completion of respective projects. (d) Projects under which assets are not ready for their intended use are disclosed under Capital Work-in- Progress. (e) Fixed assets, which were transferred by Government of Orissa on 01.04.1996 under Transfer Scheme, are stated at transfer price. 4.2 INTANGIBLE ASSETS Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization / depletion and impairment loss, if any. The cost comprises purchase price, borrowing costs and any cost directly attributable to bringing the asset to its working condition for the intended use and net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets. 5. IMPAIRMENT An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

174 6. INVESTMENTS Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non Current investments are stated at cost. Provision for diminution in the value of Non Current investments is made only if such a decline is other than temporary. 7. INVENTORIES Inventories of stores, spares and consumables are valued on the basis of transfer price in respect of inventories transferred from Government on 01.04.1996 and at cost in case of inventories procured thereafter. 8. FOREIGN EXCHANGE TRANSACTIONS 8.1 Transactions denominating foreign currency are settled and accounted for at the exchange rates prevailing on the date of the transactions. 8.2 Monetary items denominated in foreign currency are translated at the exchange rate prevailing on the last day of the accounting year. 8.3 The Foreign Exchange fluctuation loss / gain in respect of the foreign currency loan relating to Projects after capitalization is debited / credited to Profit & Loss account. 8.4 Recovery of foreign exchange fluctuation loss raised to GRIDCO is accounted for on the basis of actual realization. 9. RECOGNITION OF REVENUE 9.1 Revenue is recognized on accrual basis as per energy sale bills raised on GRIDCO in accordance with Orissa Electricity Regulatory Commission's tariff order. In case of energy sales to CSPDCL, Revenue is recognized as per bills, raised on the basis of unit cost of generation of HHEP. 9.2 The ownership of the dam and appurtenant works of Upper Indravati Hydro Electric Project remains with OHPC. Share of the Department of Water Resources, towards 50% Operation and Maintenance cost of the dam has been recognized as revenue. 9.3 All other Revenues are accounted for on accrual basis except the following which are accounted for on cash / realization basis. (i) Interest on delayed payment on energy bills paid by GRIDCO. (ii) Cash discount from PFC for final repayment of loan. (iii) Electricity charges billed to Water Resources Department and other department. (iv) Recovery of compensation for loss of energy due to drawl of water by nearby Industrial Units. (v) Recovery of OERC application fee, publication expenses, ERPC fee, etc. (vi) Sale of scrap. (vii) Interest on security deposits with SOUTHCO. 10. DEPRECIATION 10.1 The depreciation is charged as per Part B of Schedule II of Companies Act, 2013. 10.2 Depreciation is provided on prorate basis in the year in which the assets become available for use. 10.3 Assets costing Rs. 5000/- or less individually are depreciated fully in the year in which they are put to use. 10.4 Up to financial Year 2002-03, the Corporation was providing depreciation at the rates prescribed by the Electricity (Supply) Act,1948. However, consequent upon the enactment of the Electricity Act, 2003 and repeal of the Electricity (Supply) Act, 1948, depreciation was provided on straight line method as per the

175 rates prescribed under schedule XIV of the Companies Act, 1956 up to the financial year 2013-14. 11. RETIREMENT BENEFITS 11.1 Liability towards Pension and Leave Encashment as at the end of the year is provided on the basis of actuarial valuation in accordance with AS-15 issued by The Institute of Chartered Accountants of India. 11.2 Liability towards Gratuity is made on the basis of actuarial valuation by LIC of India. For meeting the service gratuity liability, the Corporation has taken a group gratuity insurance policy with LIC of India. 11.3 The pension and service gratuity liabilities of ex-Hirakud Dam Project employees are accounted for on cash basis. 11.4 The pension & leave salary contribution in respect of employees under deputation to the Corporation are accounted for consistently in the year of payment on the basis of demand notice raised by A.G & other PSUs. 12. ALLOCATION OF CORPORATE OFFICE INCOME Corporate Office income over expenditure is allocated among the generating units on the basis of sales turn over ratio. 13. BORROWING COST Borrowing costs that are attributable to the acquisition, construction / renovation, modernization and uprating of fixed assets upto the date of commercial operation are capitalized as part of cost of such assets. Other borrowing costs are recognized as an expense in the period during which they are incurred. 14. INCOME TAXES Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realize the same. Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets for the year is not recognized in the view of reasonable certainty as well as virtual certainty are not supported by the convincing evidences (GEDCOL). 15. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS 15.1. Provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. 15.2 Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. 15.3 Contingent assets are neither recognised nor disclosed in the financial statements. 16. MISCELLANEOUS 16.1 Liabilities for Goods in transit / capital works executed but not certified are not provided for, pending inspection

176 & acceptance by the Corporation. 16.2 Dam maintenance cost for the current year has been made based on the bills submitted by DOWR on provisional basis. 16.3 Expenditures upto DPR for new projects are charged to P & L A/c (Survey and investigation) and thereafter where the new projects seems to be viable are capitalized. 16.4 Prior Period Expenses / income of items of Rs 1,00,000/- and below are charged to respective heads of account. 16.5 This being the first year of Consolidation, previous year figures have not been presented. 16.6 No profit & Loss A/c was prepared by the BWCCL from its inception till the end of theFY 2012-13 as the project is under implementation. Accordingly all the expenses (Net of income earned) were carried forward in the Balance Sheet under the head Pre-operative expenses. But in order to comply the provisions of the Companies Act and applicable accounting standards , the Company has prepared its statement of Profit and Loss for the FY 2013-14 even though the Company is still under project implementation stage. The net Pre- operative expenses was mainly incurred for payment to CMPDIL for purchase of Geological reports, consultancy charges for exploration of seam-1,washebility taste report and preparation of mining plan, detailed project report and EIA-EMP for the purpose of development of coal mine up to the year 2012-13 is shown under non-current asset in the balance sheet.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-2 (In Rs.) SHARE CAPITAL Figures as at the end of current reporting period ended 31st March-2015 Authorised Capital : 1,00,00,000 Equity Shares of Rs.1000/- each 10,00,00,00,000 Issued, Subscribed and paid-up : 33,98,007 Equity Shares of Rs.1000/- each fully paid-up. 3,39,80,07,000 Total Share Capital 3,39,80,07,000 a) During current year 190000 new shares have been issued and there is no buyback of shares. b) Govt. of Odisha holds 3398007 numbers of equity shares of the company.

The Reconciliation of the number of shares outstanding as at 31st March, 2015 is set out below. No. of Shares Shares outstanding at the beginning of the year 32,08,007 Shares issued during the year 1,90,000 Shares bought back during the year - Shares outstanding at the end of the year 33,98,007

The Details of shareholder more than 5% shares as at 31st March, 2015 is set out below : % Held as at 31st March, 2015 No. of Shares Governor of Odisha represented by DoE. 100% 33,98,007

177 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-3 (In Rs.) RESERVES & SURPLUS Figures as at the end of current reporting period ended 31st March-2015 Capital Reserve Opening Balance (a) 19,00,00,000 Addition during the year Deduction during the year (19,00,00,000) Closing balance (A) - Dam Sharing Reserve Opening Balance (b) 1,00,00,00,000 Addition during the year 10,00,00,000 Deduction during the year Closing balance (B) 1,10,00,00,000 Stock Reserve Account(UIHEP,Mukhiguda) Opening Balance Addition during the year Deduction during the year Closing balance (C) - Surplus Opening Balance 5,64,42,10,612 Less: Differential dividend tax Balance 5,64,42,10,612

Balance of Statement of Profit & Loss 15,69,80,042 Less: a) Dividend Paid b) proposed dividend (4,67,83,252) b) Tax on dividend (93,53,867) c) Transfer to reserves d) Retained Earnings (30,064) Closing balance (D) 5,74,50,23,470 Total of Reserves & Surplus [(A)+(B)+(C)+(D)] 6,84,50,23,470 a) As decided by the Board in their 121st meeting, a sum of Rs.19.00 Crs. has been shown in current year as share capital in stead of Capital Reserve. b) As per the Order No.3060 dtd.31.03.2015 a sum of Rs.100.00 crores has been shown under the head capital reserve towards dam share.

178 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-4 (In Rs.) LONG-TERM BORROWINGS Figures as at the end of current reporting period ended 31st March-2015 A. Bonds [unsecured] i. Interest Free Convertible Bond-1(Govt. of Odisha) This bond is Convertible into equity at the option of State Govt. ii. Interest Free Convertible Bond-2 (Govt. of Odisha) This bond is Convertible to Debentures after Govt. approval. Sub-total (A) - B. Term Loans from others [unsecured] Power Finance Corporation Loan 16,55,06,737 a) This loan is guaranteed by Govt. of Odisha. b) (i) The loan availed by HHEP,Burla for R M & U of Unit (3&4) is repaid quarterly on 15th of January, April, July & October. (ii) The foreign currency loan availed by BHEP, Balimela for extension project ( unit 7 & 8) is repaid half-yearly on 15th of June & December. c) There is no default in repayment of above loan during the year. A sum of Rs.263085/- is received from PFC as cash discount for prompt payment which is shown as deduction from finance cost . Sub-total (B) 16,55,06,737 C. Term Loans from Govt. of Odisha [Unsecured] i. UIHEP-TL(1) 3,71,46,90,000 As per Dept. of Energy, Govt. of Odisha order No.3060 dtd.31.03.2015 the total loan of Rs.821.4690 Crs. is devided into two parts i.e. Rs.298.85 Crs. as equity pending for allotment shown under Note-9(xiv) and balance of Rs.522.6190 Crs. as loan with 7% interet payable w.e.f. 01.04.2006. This loan is payable in 15 equal annual instalments w.e.f. 2010-11 with 4 years moratorium. OHPC out of the said loan amount Rs 522.619 Crs., repaid Rs.151.15 Crs. during the current year & balance loan amount of Rs 371.469 Crs shown as above. ii. UIHEP - TL(2) 1,32,14,00,000 This is interest free perpetual loan iii. POTTERU 14,30,00,000 No interest is payable on this loan since 01.04.2001.as per the decesion of Govt vide DoE Notificatiopn dt.29.01.2003 & DoE letter No. 2404 dtd.21.03.2011. However, the interest amount of Rs.92950000/- is waved by Dept . of Energy, Govt. of Odisha vide order No.3060 dtd.31.03.2015 and accordingly withdrawn from EDC A/c as the project is under the process of disposal. iv. Loan for old project 7,66,20,00,000 As per original notification No. SRO 250 dtd.01.04.1996, a sum of Rs.766.20 Crs as (A) above was shown under the respective head. But as per Dept. of Energy. Govt. of Odisha order No. 3060 dtd.31.03.2015, the total bond amount of Rs.766.20 Crs. now treated as loan @ 7% interest which is payable from the Financial Year 2015-16 & shown accordingly. Sub-total ( C) 12,84,10,90,000 Total of Long-term Borrowings ( A+B+C ) 13,00,65,96,737

179 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-5 (In Rs.) OTHER LONG-TERM LIABILITIES As at 31.03.2015 Trade payables i. Sundry Creditors for supply of materials 2,35,68,822 ii. Sundry Creditors for works 79,45,624 iii. Sundry Creditors for others 36,698 Sub-total 3,15,51,144 Others i. Security deposit from contractors / suppliers 1,66,06,570 ii. EMD from contractors / suppliers 73,53,612 iii. Security deposit from employees 6,43,432 iv. Other security deposits 20,68,923 v. Retention money / withheld a/c 7,17,53,623 vi. Liability to employees 51,36,776 vii. Liability to others 8,15,03,285 viii. Interest Payable on UIHEP Govt. Loan 3,29,24,99,700 Sub-total 3,47,75,65,921 Total of Other Long-term Liabilities 3,50,91,17,065 Trade payables are subject to confirmation. Pending such confirmation, the balance as per books have been taken into account.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-6 (In Rs.) LONG-TERM BORROWINGS Figures as at the end of current reporting period ended 31st March-2015 i. Provision for employee benefits 431345571 (A) Other provisions i) Provision for Dam maintenance (a) - ii) Provision for Others 54,19,221 Total of Long-term Provisions 43,67,64,792

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-7 (In Rs.) SHORT-TERM BORROWINGS Figures as at the end of current reporting period ended 31st March-2015 Short - term borrowings from banks - Sub-Total -

180 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-8 (In Rs.) TRADE PAYABLES Figures as at the end of current reporting period ended 31st March-2015 i) Sundry Creditors for supply of materials 1,03,53,80,512 ii) Sundry Creditors for works 1,17,42,493 iii) Sundry Creditors for others 33,09,054 Total of Trade payables 1,05,04,32,059 Trade payables are subject to confirmation. Pending such confirmation, the balance as per books have been taken into account.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-9 (In Rs.) OTHER CURRENT LIABILITIES Figures as at the end of current reporting period ended 31st March-2015 i) Current maturities of loan from Power Finance Corporation 16,48,55,358 ii) Interest accrued but not due on PFC loan 60,99,488 iii) Employees liabilities 12,30,04,696 iv) OHPC PF Trust 3,80,98,255 v) Liability to others 40,23,82,104 vi) Security deposit from contractors / suppliers 4,12,19,891 vii) EMD from contractors / suppliers 99,76,379 viii) Security deposit from employees - ix) Other security deposit 43,000 x) Retention money / withheld a/c 5,20,03,171 xi) Advance against sale of scrap 80,72,926 xii) Payable to APGENCO on Machhakunda a/c 11,56,90,955 xiii) Payable to Machhakund 20,029 xiv) STATE GOVT. LOAN converted to equity pending for allotment 2,98,85,00,000 xv) Deposit from Others (5MW Roof Top) 4,36,968 Total of Other Current Liabilities 3,95,04,03,220 a) The management of 30 % share of Government of Odisha in Machhkund Joint Hydro Electric Project was transferred to OHPC vide Department of Energy, Govt. of Odisha Notification No.6052, dt.29.03.97 with effect from 01.04.1997. The erstwhile OSEB now GRIDCO and APSEB now APGENCO are the beneficiaries of this project. APGENCO has not raised provisional bill towards O & M cost for the current year. Accordingly, OHPC has taken the last year reconciled O & M cost during the current year detials of which are given below. 30% share of O&M cost 89902794 Cost of Power beyond 30% share 5781688 T O T A L 95684482 OHPC received an amount of Rs 10,17,65,001/- in 2014-15 from GRIDCO including arrear dues of APGENCO for 2013-14 towards cost of power & O&M charges.OHPC has remitted to APGENCO. An amount of Rs.19,70,00,000/- during the year 2014-15 showing the balance amount payable to APGENCO of Rs.11,56,90,955/- as on 31.03.2015. As the Odisha share of assets and liabilities have not been quantified and transferred to OHPC , the receipts and payments on account of Manchkund project are not shown in the profit and loss account of OHPC .

181 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-10 (In Rs.) SHORT-TERM PROVISIONS Figures as at the end of current reporting period ended 31st March-2015 (A) Provision for employee benefits i) Provision for arrear salary 21,72,335 ii) Provision for bonus 3,74,742 iii) Liability for leave encashment of employees 1,33,66,504 Sub-Total (A) 1,59,13,581 (B) Other provisions i) Provision for Dam Maintenance - ii) Provision for Income-tax (MAT) 31,11,59,812 ii) Provision for Income-tax - iii) Provision for proposed dividend 4,67,83,252 iv) Provision for dividend Tax 93,53,867 v) Provision for Others 3,90,17,427 Sub-total (B) 40,63,14,359 Total of Short-term Provisions (A+B) 42,22,27,940 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-11 (In Rs.) TANGIBLE ASSETS Figures as at the end of current reporting period ended 31st March-2015 31,75,23,89,340 -20,81,48,11,569 Total 10,93,75,77,770 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-12 (In Rs.) INTANGIBLE ASSETS Figures as at the end of current reporting period ended 31st March-2015

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-13 (In Rs.) CAPITAL WORK-IN-PROGRESS Figures as at the end of current reporting period ended 31st March-2015 i) Land (Development of 7th & 8th Unit of Extension Porject) 3,03,111 ii) Building 11,82,38,452 iii) Road,Bridge,Culvert & Other Civil Works 1,34,65,998 iv) Water Supply Installation 1,09,804 v) Plant & Machinery (Construction) 11,56,19,005 vi) Plant & Machinery (Generation) 68,44,288 vii) Hydr. Works, Dams,Tunnels & Pen Stock 3,92,35,637 viii) Substation Equipments 3,20,97,715 ix) Transmission Lines 3,86,978

182 x) Vehicles 6,63,140 xi) Furniture & Fixture 1,37,685 xii) Office Equipments 4,43,751 xiii) Electrical Installations 2,00,689 xiv) Telephone,Telex & fax M/c - xv) Miscellaneous assets 14,326 xvi) Expenditure During Construction - xvii) Amount transferred from EDC during year - xviii) Other Civil Works 17,00,30,516 xix) Sindol Project 28,77,905 xx) Office Building 29,73,515 xxi) Staff Quarters 3,80,605 xxii) GEDCOL CWIP 1,17,22,41,871 xxiii) OTPCL WIP 5,92,14,344 Total Work In Progress 1,73,54,79,335 As per the Order No.3060 dtd.31.03.2015 of Deptt. of Energy, Govt. of Odisha, the EDC amounting to Rs.16,55,57,981/- on Potteru Small Hydro Electric Project including interest of Rs.9,29,50,000/- on Govt. Loan as shown under Note 32 has been withdrawn & charged to P & L A/c in the current year as the said project is under the process of disposal.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-14 (In Rs.) NON-CURRENT INVESTMENTS Figures as at the end of current reporting period ended 31st March-2015 i) Odisha Coal & Power Limited (OCPL). (A joint venture 2,45,000 Company between OHPC & OPGC) 24500 shares of Rs.10/- each Total of Non-Current Investments 2,45,000

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-15 (In Rs.) LONG-TERM LOANS AND ADVANCES Figures as at the end of current reporting period ended 31st March-2015 (A) Capital Advance Advance for Capital Expenditure and Capital advance paid for extention 38,51,758 project of unit 7&8 Balimela & Potteru small HEP (B) Security Deposit Deposit with others 2,58,56,930 Other Loans & Advance i) Advance to supplier 1,00,64,244 ii) Advance to contractor 1,70,99,332 iii) Advance to others 99,50,51,049 iv) Advance to staff (55,736) Total of Long-Term Loans and Advances 1,05,18,67,577 (a) Advance to supplier, contractor & others are subject to confirmation. Pending such confirmation, the balance as per books have been taken into Accounts. (b) All long term loans & advances is unsecured but considered good

183 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-16 (In Rs.) OTHER NON-CURRENT ASSETS Figures as at the end of current reporting period ended 31st March-2015 (A) Long-term Trade Receivable Sundry Debtor for sale of Power 1,76,65,841 (B) Others i) Sundry Debtor for others 6,96,150 ii) Claims receivable 1,25,48,814 iii) Debt. Securitisation of GRIDCO Dues 6,19,00,00,000 iv) Security Deposit (OB & CC) 25,783 v) Preoperative Expenditures 6,90,62,366 Total of Other Non-Current Assets 6,28,99,98,954 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-17 (In Rs.) CURRENT ASSETS - INVENTORIES Figures as at the end of current reporting period ended 31st March-2015 i) Stores & Spares 56,99,82,192 ii) Less Provision for fire, theft & shortage ( Note -33) 2,29,84,219 Sub total 54,69,97,973 i) Loose tools 9,31,187 ii) Inventory in transit - Total of Inventories 54,79,29,160 During the year, only indigenous spares has been consumed. The percentage of consumption of imported spares to total consumption is nil. NOTES ON CONSOLIDATED FINANCIAL STATEMENT-18 (In Rs.) CURRENT ASSETS - TRADE RECEIVABLES Figures as at the end of current reporting period ended 31st March-2015 i) Sundry Debtor for sale of Power 39,07,56,113 (Outstanding for a period exceeding six months from the due date of payment.) ii) Sundry Debtor for sale of Power 97,37,81,803 (Outstanding for a period up to six months from the due date of payment.) Total of Trade Receivables 1,36,45,37,916 (i) All debtors stated at Note -16 (A) & 18 amounting of Rs.138.22 Crs. as on dt.31.03.2015 are considered good. (ii) Unsecured considered doubtful -Nil Company Less than 6 months More than 6 months TOTAL GRIDCO Rs.97,24,90,995/- Rs.38,95,73,674/- Rs.136,20,64,669/- CSPDCL Rs.12,90,808/- Rs.11,82,439/- Rs.24,73,247/- Total Rs.97,37,81,803/- Rs.39,07,56,113/- Rs.136,45,37,916/-

184 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-19 (In Rs.) CASH & CASH EQUIVALENTS Figures as at the end of current reporting period ended 31st March-2015 i) Cash in hand 1,89,158 ii) Staff imprest 16 iii) Postal orders & stamps 18,094 Sub-total (A) 2,07,267 i) Remittance in transit - Sub-total (B) - i) Balances with banks held as margin money or security 31,00,00,000 ii) Earmarked balance with banks 873,85,70,000 iii) Other bank balance 32,10,09,769 Sub-total (C) 936,95,79,769 Total of Cash & Bank Balance (A) + (B) + (C) 936,97,87,036 i) OHPC has pledged (a) Fixed deposit of Rs.25 Cr. with Panjab & Sind Bank, Ashok Nagar Branch, Bhubaneswar towards its 1/3 rd share of margin for facilitating the JV company BWCCL to provide BG of Rs.75,00,00,000/- in favour of Ministry of Coal, Govt. of India. The same BG was renewed another period of one year in Punjab & Sind Bank as per letter no. CC/MCBA/107/ 22/2007-GPCL and others/ 721 dated 02/08/2013 by Ministry of Coal, GoI. The coal block was de-allocated and invocation of 50% of BG was communicated by MoC, GoI vide their LT. No. 13016/76/2008-CA-IDT : 10th Dec 12. BWCCL filed a Writ pettion before hon’ble High Court of Odisha against the above order of the MoC through OHPC Ltd. The Hon’ble High Court of Odisha in its interim order Dt. 19.03.2013 directed that “the BG furnished by the company may not be encashed and the Coal Block may not be allocated to any third party without the leave of this Court”. (b) Fixed deposit of Rs.6.00 Crs. with Axis Branch, Basua Ghai Branch, Bhubaneswar towards performance Bank Guarantee on behalf of GEDCOL paid by OHPC to SECI Ltd. The bank charges against issue of the said BG has been booked to the accounts of GEDCOL for the FY2013-14. ii) Earmarked balance with banks for the following purpose. 31.03.2015 Terminal Liabilities 6,00,00,000 Loan Repayments 78,00,00,000 JV & new project 5,49,85,70,000 RMU & new projects 2,40,00,00,000 8,73,85,70,000 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-20 (In Rs.) CURRENT ASSETS- SHORT-TERM LOANS AND ADVANCES Figures as at the end of current reporting period ended 31st March-2015 Unsecured considered good: i) Prepaid Expenses 1,03,06,540 ii) Deposit with others 18,99,629 iii) Advance to supplier 2,55,13,967 iv) Advance to contractor 3,78,03,238 v) Advance to others 67,01,739 vi) Advance to staff 3,07,34,513 vii) Advance Income Tax (TDS) (Ref. note 43) 44,29,70,537 viii) Advance Income-tax (FBT) 3,043

185 ix) Advance Income-tax 21,91,86,000 xi) OHPC Gratuity Fund - xii) OHPC Rehabilitation Assistance Trust Fund 10,000 xiii) Advance Sales Tax 5,92,326 xiv) Mobiliasation Advance 14,46,90,800 xv) Others Total of Short-Term Loans and Advances 92,04,12,332

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-21 (In Rs.) CURRENT ASSETS - OTHER CURRENT ASSETS Figures as at the end of current reporting period ended 31st March-2015 Unsecured considered good: i) Claims receivable 3,49,83,385 ii) Dam Share Receivable from W.R. Department - iii) Other Misc. assets 4,49,165 iv) Receivable from Gridco on Machhakund a/c 2,75,64,831 v) Other receivable from staff 1,784 vi) Interest accrued but not due on bank deposits 33,72,48,916 vii) Interest receivable (others) 4,77,896 viii) Receivable from OPTCL 11,226 Total of Other Current Assets 40,07,37,203

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-22 (In Rs.) REVENUE FROM OPERATIONS Figures as at the end of current reporting period ended 31st March-2015 i) Sale of Electricity 4,88,12,65,969 ii) Compensation for loss of Energy 4,52,99,051 iii) Other operating revenue 58,47,884 Total of Revenue from operations 4,93,24,12,904 Other operating revenue relates to direct sale of electricity by OHPC to its employees / contractors and comprised of the following: Electricity charges recovery - Employees: Rs.17,90,751/- Electricity charges recovery - Contractors: Rs.40,57,333/-

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-23 (In Rs.) OTHER INCOME Figures as at the end of current reporting period ended 31st March-2015 i) Interest on Employees advances 29,717 ii) Interest on Bank Deposits 97,99,85,999 iii) Interest on others 61,10,934

186 iv) Interest on Gridco loan 14,44,33,334 v) Sale of tender papers 29,55,261 vi) House rent recovery 17,56,566 vii) Vehicle charges recovery 4,16,653 viii) Electricity charges recovery - Employees 5,73,395 ix) Electricity charges recovery - Contractors 97,36,492 x) Guest house charges recovery 2,75,484 xi) Sale of scrap 14,70,853 xii) Other miscellaneous receipt 16,34,830 xiii) Recovery from Penalties 14,44,784 xiv) Receipt from RTI 1,791 xv) Insurance Claim Receipts 9,39,297 xvi) Forfeiture of EMD/SD 2,18,375 xvii) Dam Share From DOWR 12,43,74,481 xvii) Profit on sale of Assets - xviii) RECOVERY OF FOREIGN EXCHANGE FLUCTUATION LOSS 5,99,00,000 xix) Profit on sale of Inventory 64,550 xx) Processing Fee 1,73,500 xxi) Other income 57 Total of Other income 1,33,64,96,353

(a) Interest of income of Rs. 95,96,41,604/- on short term deposits with the Banks which includes Rs.10,99,87,276/- as TDS.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-24 (In Rs.) REPAIR & MAINTENANCE EXPENSES Figures as at the end of current reporting period ended 31st March-2015 i) R&M to Plant and Machinery 18,97,12,684 ii) R&M to Building 3,74,84,030 iii) R&M to Civil Works 4,30,69,019 iv) R&M to Hydraulic Works 75,82,472 v) R&M to Line Cables Networks 43,99,037 vi) R&M to Vehicles 14,89,637 vii) R&M to Furniture & Fixture 72,680 viii) R&M to Office Equipments 14,76,436 ix) R&M to Electrical Installation 36,24,632 x) R&M to Water Supply Installation 50,94,267 xi) R&M to Misc. Assets 1,87,594 xii) R&M to Substation Equipment 47,96,139 xiii) R & M to Dam Maintance 32,19,64,978 Total 62,09,53,605 Less Expenditure During Construction Total of Repair & Maintenance Expenses 62,09,53,605

187 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-25 (In Rs.) OPERATION EXPENSES Figures as at the end of current reporting period ended 31st March-2015 i) Power and fuel 1,01,08,127 ii) Insurance charges of Power House 1,44,67,119 iii) Oil, Lubricant & Consumables 2,26,70,217 iv) Transportation Charges 3,48,099 v) Hire charges of vehicles/ machineries 1,26,12,747 vi) Refreshment(Operation) 5,12,866 vii) Other Operation expenses 26,50,211 viii) Water Cess - ix) Watch & Ward of Power House 3,51,18,994 Total 9,84,88,380 Less Expenditure During Construction - Total Operation Expenses: 9,84,88,380

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-26 (In Rs.) EMPLOYEE BENEFIT EXPENSES Figures as at the end of current reporting period ended 31st March-2015 i) Salary & Allowances 52,35,64,392 ii) Wages & Allowances 45,51,90,462 iii) Over time 9,61,691 iv) Bonus 3,51,349 v) Payment to Apprentices & Trainees 38,31,416 vi) Contribution to PF and other Funds 42,77,03,712 vii) Employees welfare expenses 6,66,93,128 viii) Other employee benefit expenses 12,61,66,814 Total 1,60,44,62,964 Less Expenditure During Construction - Total of Employee Benefit Expenses 1,60,44,62,964 Employee cost includes Salary and Allowances paid to the whole time Directors as given below : Salaries & Allowances 61,17,659 Sitting Fees paid to non-Functional Directors 9,29,335

188 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-27 (In Rs.) ADMINISTRATIVE & GENERAL EXPENSES Figures as at the end of current reporting period ended 31st March-2015 i) Rent 65,66,098 ii) Rates and Taxes 13,59,637 iii) Licence & Registration Expenses 77,428 iv) Fees & Subscriptions 75,92,918 v) Insurance Charges 21,06,294 vi) Communication Expenses 41,51,701 vii) Travelling & Conveyance Expenses 2,67,75,512 viii) Printing & Stationery 42,20,954 ix) Bank Charges 92,701 x) Electricity & Water Charges 6,09,98,248 xi) Legal Expenses 39,91,329 xii) Professional & Consultancy Charges 30,86,938 xiii) Audit Fees & Expenses (a) 28,07,870 xiv) Advertisement & Publicity 39,90,966 xv) Training, Seminar & Conference 59,39,065 xvi) Office Upkeep & Maintenance 19,71,758 xvii) Watch & Ward charges 2,13,64,881 xviii) Repair & Maintenance others 18,857 xix) Recruitment Expenses 3,47,484 xx) Meeting Expenses 20,52,706 xxi) Transit House expenses 7,40,687 xxii) Electrical Accessories 2,550 xxiii) Donations - xxiv) Loss of Asset 49,139 xxv) Loss on Inventories 1,79,245 xxvi) Afforstation expenses 1,41,14,332 xxvii) Consultancy Expenses (Rengali Project) - xxviii) Other Administrative & General Expenses 2,50,87,328 Total 19,96,86,624 Less Expenditure During Construction - Total of Administrative & General Expenses 19,96,86,624

(a) Remuneration to Auditors. Statutory Audit Fees 4,34,000 Statutory Audit Expenses 4,52,353 Other Audit Fees 12,21,000 Other Audit Expenses 5,39,839 Grand Total 26,47,192

189 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-28 (In Rs.) PRIOR PERIOD EXPENSES / (INCOME) Figures as at the end of current reporting period ended 31st March-2015 i Repair & Maintenance (1,20,000) ii Operational Expenses (1,18,247) iii Employee Cost (29,59,69,098) iv Administration & General Expenses - v Depreciation - vi Income from Operation - vii Other Income (1,00,000) viii Interest income (28,82,972) Prior Period Expenses ( Net) (29,91,90,317)

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-29 (In Rs.) FINANCE COST Figures as at the end of current reporting period ended 31st March-2015 A. Interest cost : i Interest on Bank Loan 17,81,777 ii Interest on PFC Loan 3,83,97,864 iii Interest on GOVT. Loan(UIHEP) 50,44,83,700 iv Cash discount (PFC interest) (2,63,085) Sub-total (A) 54,44,00,256 B. Other Borrowing costs : i) Guarantee Commission 1,08,12,000 Sub-total (B) 1,08,12,000 C. Gain or loss on foreign currency transaction / translation: i) Foreign Exchange Fluctuation Loss 2,95,03,107 Sub-total ( C) 2,95,03,107 Total Finance Cost (A+B+C) 58,47,15,363

(a The State Govt has provided Govt Guarantee for availing long term loan from PFC for different projects of OHPC. Guarantee Commission @ 0.5 % on the maximum amount guaranteed are provided in accounts. However, pursuant to the Govt. of Odisha, Finance Deptt. Resolution No.23663 dtd. 04.06.2003, Guarantee Commission has been paid to the State Govt. at the rate of 0.5% on the outstanding loan amount at the beginning of the year effective from 01.04.2004.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-30 (In Rs.) SELLING & DISTRIBUTION EXPENSES Figures as at the end of current reporting period ended 31st March-2015 Total of Selling & Distribution Expenses 43137450 Total of Selling & Distribution Expenses 43137450

190 1.04.14 13,76,01,67,735 95,79,011 89,25,600 Figure in Rs. final settlement with .D.V as on.D.V as on W.D.V 6,84,17,67,524 9,46,73,79,852 10,93,75,77,770 te Govt. as on 01.04.1996 and d and freehold land separately in the name of OSEB.The title on and fixing of upset price is in 83,73,371 6 and procurement of Industrial land pect of the assets procured after otal as on W 61,55,218 9,28,820 6,73,781 7,09,38,0201,93,23,702 1,46,62,824 31.03.2015 31.03.2015 20,81,48,11,571 20,81,48,11,571 - 16,39,42,61,707 - 1,63,50,24,818 1,33,64,56,206 1,49,35,86,392 - 2,69,97,482 1,86,61,168 2,03,96,453 during Deletion T 2,027 (7,44,045) ,22,175 - - 57,28,221 1,17,48,89,402 1,09,15,12,686 (33,32,400) - 5,01,30,998 1,26,63,983 74,25,211 1,58,20 1,63,85,6 74 (88,11,936) - 2,55,43,41,156 1,46,39,09,147 1,58,75,47,485 DEPRECIATION NET BLOCK 7,911 64,52,419 - 3,03,30,528 3,34,76,548 4,13,60,990 3,720 (5,42,409) (79,350) ,37,652(4,23,402) (6,64,695) 3,25,30,0522,59,22,260 2,66,96,462 1,19,745 (2,77,167) - Addition - 1,06,03,08,895 1,30,97,40,697 7,32,87,143 16,60,558 (40,09,681) - 1.04.2014 13,75,19,30,637 13,75,19,30,637 17,86,72,52,892 17,86,72,52,892 3,00,80,497 35 Balance as on otal as on 1,79,52,380 80,71,411 9,2 31.03.2015 5,84,52,312 23,23,60,29,231 23,23,60,29,231 31,75,23,89,340 during the year the year Deletion T 23,11,755 - 9,02,61,722 GROSS BLOCK Addition 123456 78910 4,45,86,031 10,72,619 - 4,56,58,650 2,41,89,578 21,11,590 6,96,314 8,79,49,967 1.04.2014 4,01,82,50,303 - - 4,01,82,50,303 2,43,07,02,818 13,24,50,2 2,96,05,30,966 1,09,50,058 - 2,97,14,81,024 1,46,69,44,574 10,12,92,130 6,67,88,114 23,21,93,10,489 2,53,48,344 (86,29,602) amount of Rs.17,04,867/- has been amortised during the year for leasehold land. from IDCO for construction of training centre. In case of UIHEP, land consists of transfer value and reservoir from Sta from IDCO for construction of training centre. In case UIHEP, leasehold lands are still subsequent additions at cost after 01.04.1996 to the date of Balance Sheet. In case Balimela HEP, The company is in the process of identifying leasehol deeds of all the lands are yet to be registered in favour Company. . date of transfer. The value of fixed assets does not include the building and equipment gifted by DFID for OHPC Training Centre. Insurance Companies and no depreciation has been charged during the year under audit. process.Necessary accounting treatment will be made in the subsequent period after final disposal of same. shall be removed from Gross Block in the year of BURLA Assets amounting to Rs75,20,322/-. burnt in fire during 2012-13 of HHEP, Civil Works Electric Mechanical Work Township Fixture Equipment TOTALGRAND 31,62,74,20,627 13,44,21,563 (94,52,850) Instalation Particulars (ii) An (ii) (iii) The value of fixed assets includes cost machinery & vehicles declared surplus / obsolete for which necessary verificati (iv) 2 Power House 1 LAND (a) 1,09,49,59,787 8,56,57,836 - 1,18,06,17,623 34,47,101 22,81,120 6 Furniture & 1,69,97,011 10,38,896 (83,526) 3 Power House 4 Civil Building/5 Vehicles 5,94,01,506 33,93,475 - 6,27,94,981 5,19,76,295 14,87,103 7Equipment Office 5,67,76,958 24,15,075 (7,39,722) 8 Misc.Assets9 Electrical Instalation 10 Water Supply 6,16,71,188 21,35,888 - 6,38,07,076 2,03,10,198 35,6 11 Training Centre 69,86,421 97,617 - 70,84,038 63,12,640 Sl. No. Balance as on NOTES ON CONSOLIDATED FINANCIAL STATEMENT-11 FINANCIAL NOTES ON CONSOLIDATED FIXED ASSET & DEPRECIATION AS ON 31.03.2015 & DEPRECIATION ASSET FIXED a. (i)April 199 from 1st Govt. to the Corporation with effect Land consists of those transferred from the erstwhile OSEB / State b.(i) The fixed assets registers are maintained on the basis of transfer price from State Govt. and at cost in res

191 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-31 The book value of stores & spares partly not available due to theft, fire and shortages in both civil stores Mukhiguda & Central Stores Khatiguda of Civil wing as per the stock verification report of M/s. JBMT Associates, C.A., Bhubaneswar for the year ending 31.03.2015 are as follows :- Particulars. Civil Stores Central Store HHEP Total Mukhiguda (Rs.) Khatiguda (Rs.) Burla Amount (Rs.) Theft 2,73,311.79 13,75,322.50 0.00 16,48,634.29 Fire Damage 0.00 1,55,12,500.10 0.00 1,55,12,500.10 Shortages. 18,86,899.76 5,81,279.23 1,97,006.00 26,65,184.99 Total Loss of Stores up to 31.03.12 21,60,211.55 1,74,69,101.83 1,97,006.00 1,98,26,319.38 Theft during 2012-13 17,08,318,.33 0.00 0.00 17,08,318.33 Shortages during 2012-13 3,81,310.38 71,799.75 0.00 4,53,110.13 Shortages during 2014-15 0.00 2,85,599.42 0.00 2,85,599.42 Total loss of stores as on 31.03.2015 42,49,840.26 1,78,26,501.00 1,97,006.00 2,22,73,347.26 (a) The total loss of stores due to theft and shortages for the year 2014-15 in the Electrical Store, Mukhiguda was Rs.7,10,862. Provision has already been made in the books of accounts of UIHEP, Mukhiguda by debiting loss of inventory A/c & crediting provisions for fire, theft & shortages. (b) The value of inventory of Hirakud HEP as on 31st March,2015 includes the cost of spares theft in the year 2008, amounting to Rs.4,15,350/-. Out of the said amount, Rs.2,18,344/- has been received from insurance company as full and final settlement of the claim in the year 2010-11 and provision has been made for balance amount of Rs.1,97,006/- in the accounts 2011-12 which is yet to be written off.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-32 The following Revenues have not been recognized in books of account due to uncertainty in collection as per AS-9 (a) The outstanding electricity charges payable by Rengali Dam Division to OHPC for the period from 01.04.96 to 31.03.2015 amounting to Rs.15,95,67,649/- for street light, water supply & gate operation etc. which includes Rs.1,37,80,420/- for the current year. (b) Bills amounting to Rs.2.05 Crs. from the year 2005-06 to 2013-14 raised by CHEP, Chiplima on M/s Rathi Steel and power Ltd towards drawal of water from power channel has not been recognized as income since the party has not accepted the bill amount. (c) The outstanding Energy Charges of Rs 91,60,735/- of UIHEP, Mukhiguda are pending with different offices of DOWR, BSNL & banks for which letters for confirmation of balance as on 31.03.2015 were issued on 08.04.2015 by speed post but confirmations were not received viz. Amount in Rs Amount in Rs E.E, Right Canal Divn. 4,46,311/- E.E., Left Canal Divn. 4,43,464/- SDO, BSNL,Nabarangpur 8,32,088/- E.E.,Quality Control Divn. 48,08,359/- SDO, BSNL,Dharamgarh 12,11,191/- Chif Engineer, Irrigation 12,99,053/- SBI, Jaipatna 1,20,269/- Total Receivable from DOWR: 69,97,187/- Total Receivable from BSNL&Banks: 21,63,548/-

192 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-33 Foreign currency transactions : Particulars 2014-15 2013-14 (Rs.) (Rs.) Expenditure incurred in foreign currency on cash basis being 15,70,408 9,59,038 payment made to consultants. Value of Imports calculated on CIF basis being components, 7,14,30,624 Nil spare parts and construction materials through LC. (¥ 126588000) Traveling expenses Nil Nil

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-34 Liabilities towards Pension, Gratuity and Leave Encashment have been provided in the accounts based on the actuarial valuation and in accordance with AS-15. Sl. No. Particulars For 2014-15 (Rs.) As at 31.03.2015 (Rs.) 1. Pension 5,61,39,265 576,07,11,938 2. Leave Encashment 6,78,62,207 44,44,74,609 3. Gratuity 64,54,005 68,55,913

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-35 Depreciation charged BY OHPC during current financial year for Rs.294,73,00,768/- out of which 163,85,62,026/- is pertaining to previous financial years as detailed below on account of change of rate of depreciation from Companies Act to Electricity Act. Amount in Rs. Name of unit Depreciation charged Depreciation charged under Increased or under Electricity Act, from Company Act, from decreased of FY 2009-10 to 2013-14 FY 2009-10 to 2013-14 Depreciation BHEP 120,62,63,815 1,133,992,790 72,271,025 UIHEP 307,05,28,422 1,943,436,691 1,127,091,731 RHEP 49,82,65,832 455,468,897 42,796,935 UKHEP 64,65,04,491 580,092,185 66,412,306 CO 1,25,54,474 12,984,874 (430,400) CHEP 73,96,80,844 518,023,894 221,656,950 HHEP 87,44,46,023 765,682,544 108,763,479 Total 704,82,43,900 5,409,681,875 1,638,562,026

193 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-34 Details of MAT Credit entitlement and set off which are given as follows : Assessment Tax liability MAT credit Cumulative Mat Credit Mat Credit entitlement Year under MAT entitlement MAT credit Set off carry forward. 2007-08 68,183,772 68,183,772 68,183,772 2008-09 155,087,962 155,087,962 223,271,734 2009-10 22,711,002 22,711,002 245,982,736 2010-11 55,247,104 55,247,104 301,229,840 2011-12 93,526,249 93,526,249 394,756,089 2012-13 192,969,992 192,969,992 587,726,081 2013-14 117,892,154 117,892,154 705,618,235 2014-15 12,71,65,063 2015-16 57,84,53,172 NIL

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-37 a) The parent Company spent Rs.134.80 lakhs towards CSR for conservation of Natural Resources under Schedule -VII and Item (iv) of Companies Act 2013. The computation details are as follows : Rs in Lakhs. Sl. No. Year 2011-12 2012-13 2013-14 2014-15 1. Net profit before tax as per Section 198 9560.50 5892.32 1112.32 - 2. Average profit for last 3 years - - - 5521.87 3. 2% of average profit - - - 110.44 4. Expenditure made during the year - - - 134.80

b) Amount spent during the year on: Rs in Lakhs. Sl. No. In cash\ Cheque Yet to be paid in cash Total i. Construction/acquisition of any asset. ii. On purposes other than (i) above 134.80 134.80

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-38 Contingent liabilities (a) (Rs. in crores) As at As at 31.03.15 31.03.14 (a) Estimated amount of contracts to be executed on capital account (net of advances and 33.05 8.72 LCs opened) UIHEP, Mukhiguda & HHEP, Burla (b) Claims against the Company not acknowledged as debt : (i) Stamp duty on bonds of Rs.766.20 crores issued to GoO on account of up- 5.75 5.75 valuation of assets which has been kept in abeyance. (ii) EPF & Sales Tax liability of UIHEP, Khatiguda 0.32 0.31

194 (iii) Claims of the contractor M/s Trafalgar House Construction (T) Satyam 65.57 65.57 Sankaranarayan Joint Venture of UIHEP, Khatiguda (iv) Workman compensation pending before the Hon'ble High Court of 0.06 0.06 Odisha. (CHEP) (v) ED liability to Govt of Odisha 0.00 0.1361 (vi) Claim of Dam Division, Rengali Dam site under water Resources Department 0.15 0.14 towards water rent in respect of residential & non-residential building of OHPC (RHEP) (vii) Entry Tax, appeal before the commission of commercial Taxes, Cuttack (BHEP). 0.01 0.01 (viii) Differential pension payable to employees transferred from the State Government 21.28 21.28 & Ex-OSEB to OHPC. (ix) Differential Interest @ 7% for the period from 2006-07 to 2014-15 on State 0.00 13.22 Government loan for UIHEP, Mukhiguda Rs.23.61crs (521.47-497.86). (x) Wrong assessment of water cess by Department of Water Resources and 0.01 0.01 interest charged thereon. (xi) 50% of the Fixed deposit of Rs.25 Crs. pledged for the BG of BWCCL in favour 12.50 12.50 MOC, GoI. (xii) Arrear wages payable to non-executive employees due to implementation of 0.00 5.08 revision wage Board w.e.f. 01.04.2010 (xiii) Current year differential Dam Maintenance cost due to non receipt of bill / 0.00 8.57 receipt of abnormal bill (xiv) (i) Pending cases on account of Income Tax refund with different appellate 9.32 4.12 authority for the Assessment Year 2006-07, 2007-08, 2009-10 2010-11, 2011-12 & 2012-13 amounting to Rs.1.87 Crs., Rs.0.52 Crs., Rs.5.00 Crs., Rs.0.20 Crs., Rs.0.25 Crs. & Rs.1.48 Crs. respectively. (ii) Pending cases at High Court on account of refund of Income Tax for RM & 3.57 3.57 U of Unit-I & II, HHEP, Burla. TOTAL 151.59 149.0461 (b) Against the claim of Rs.65.57 Crs. Of M/s TSS stated at (iii) above, OHPC has lodged a claim of Rs. 135.87 Crore on the said contractor. The arbitration is in process. (c) BHEP, Balimela unit has deposited Rs.40,000/- under protest during the year against the assessed entry Tax of Rs. 1,13,852/- for the year 2000-01 stated at (VII) above. Against this demand, the unit has filed an appeal before the Commissioner of Commercial Taxes, Cuttack. (d) Pending confirmation & detailed guidelines from Govt of Odisha, Rs.21.28 Crores due to differential pension payable to the employees transferred from the State Govt and Ex-OSEB to OHPC is shown as Contingent Liability stated at above. However the liability for the year 2014-15 has not been ascertained/ determined. (e) The Baitarni West Coal Block allotted to M/s Baitarni West Coal Company Limited, a joint venture company of OHPC was de-allocated vide the letter dated 10th December 2012 of Ministry of Coal, Government of India. OHPC on behalf of the partners filed a petition in the Horn'ble High Court of Odisha vide W.P.(C)No.4011/2013. with Miscellaneous case No.3942 of 2013. The Horn'ble High Court vide order dt.19.03.2013 held that "as an interim measure, it is directed that the bank guarantee furnished by the petitioner-Company may not be encashed and the Coal Block allocated to it may not be allocated to any 3rd party without leave of this Court ". Accordingly 50% of FD i.e. Rs.12.50 Crs has been shown as Contingent Liability as above under (xii). (f) The Tax Recovery Officer, Income Tax Department, Sambalpur had raised a demand of Rs.4.48 crs towards TDS in respect of supply and erection of plant & machinery of RM&U of Unit 1&2, Burla which was disputed by OHPC. Pending settlement of the dispute now in appeal before Hon'ble High Court of Odisha, Cuttack, the above amount has been deposited with Income Tax Authorities in the year 1996-97 to 2003-04. As per the order of the CIT (A), Sambalpur dtd. 08.11.2005 and 04.04.2006, the ITO, Sambalpur rectified the mistake for Rs.0.33 lakhs and issued refund order of Rs 0.58 lakhs. After adjustment of the said amount, the balance amount of Rs 3.57 Crs. has been shown under the head advance income tax (TDS).

195 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-39 (a) The sale of energy compared to the design energy for sale during the year 2014-15 is as under : Power stations Actual sale of energy (in MU) Design energy for sale (in MU) UIHEP, Mukhiguda 2597.228 1942.38 RHEP, Rengali 710.098 519.75 BHEP, Balimela 1240.9272 1171.17 UKHEP, Upper Kolab 702.704 823.68 HHEP, Burla 564.122 677.16 CHEP, Chiplima 277.081 485.10 Total 6092.1602 5619.24

(b) As per the OERC tariff order dt. 22.03.2014, the tariff for the year 2014-15 for energy sold to GRIDCO is as follows. Name of Power Station Energy charge Rate (Paisa per Unit) Capacity charges (Rupees in Crs.) RHEP 54.045 28.09 UKHEP 24.918 20.525 BHEP 44.105 51.655 HHEP 63.818 43.215 UIHEP 40.208 78.10 CHEP 24.025 11.655 TOTAL 233.240

(c) The sale of energy includes 16.326817 MU to CSPDCL @Rs.0.932 per unit at the actual cost of generation of HHEP for the year 2014-15, as per the decision of the meeting of high level Committee held on 24.12.2004 under the Chairmanship of the Chief Secretary, GoO in pursuance of the order of the Hon'ble High Court of Madhya Pradesh. (d) The energy sold to GRIDCO has been reconciled both in quantity & value till 2011-12 wherever required, necessary rectification entries relating to sale of energy have been passed by the respective units.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-40 During the year Rs.4,07,04,695/- has been paid and adjusted to SOUTHCO towards electricity charges for power consumed in UIHEP including reliability surcharges of Rs.14,47,308/-. Similarly Rs.42,155/- has been paid to WESCO towards Electricity Charges for Surge-shaft and Intake since 05.08.2014

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-41 Expenses in respect of employees who are in receipt of remuneration of not less than Rs.2400000/- per annum and employed throughout the year or Rs.200000/- per month and employed for part of the year is Nil.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-42 The Corporation has not received any information from suppliers regarding their status under Micro, Small & Medium Enterprises Development Act 2006. Resultantly disclosure if any relating to amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

196 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-43 The details of installed capacity, generation and sale of power during the year are as under. The colony consumption of RHEP, BHEP, UIHEP are included in the auxiliary consumption for the previous year. Power Installed Gross Sale of Auxiliary Transformation internal Stations Capacity (MW) Generation (MU) Power (MU) consumption (MU) loss consumption CHEP 72.00 278.411 277.081 0.5468 0.78276 - HHEP 275.50 581.985 564.122 3.043 14.820 - RHEP 250.00 735.358 710.098 1.716 11.806 11.738 UKHEP 320.00 718.233 702.704 3.237 12.292 - BHEP 510.00 1269.1908 1240.9272 6.5972 13.0852 8.582 UIHEP 600.00 2655.279 2597.228 3.673 48.157 6.221 Total 2027.50 6238.457 6092.16 18.813 100.943 26.541 Previous year 2027.50 6967.978 6807.030 48.644 112.304

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-44 Power Station wise financial results before Tax for OHPC. Power Revenue from Other Share of H O Total Total Profit Stations operation Income income over exp. Income Exp. before tax CHEP 16.21 0.20 3.19 19.60 52.42 -32.82 HHEP 77.14 0.61 14.29 92.05 67.62 24.43 RHEP 70.70 0.63 13.82 85.15 54.25 30.90 UKHEP 39.34 0.33 7.75 47.42 57.06 -9.64 BHEP 101.68 34.11 20.00 155.79 59.13 96.66 UIHEP 188.17 15.25 37.03 240.45 303.30 -62.85 Total 2014-15 493.24 51.13 96.08 640.46 593.78 46.68 Total 2013-14 451.74 114.61 56.87 623.22 612.10 11.12

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-45 a) Mobilization advance of Rs.2.00 Crores was given to M/s OCC Ltd by Department of Water Resources (DOWR) in two spells vide cheque No.S-975409 dated 03.11.1995 and S.998897 dated 26.02.1996 of Rs. 1.00 crore each for construction of bye-pass tunnel & emergency gates of UIIP as per their letter No 29287 dated 15.11.1995 and 7670 dated 12.03.1996 (i.e. before formation of OHPC). The said amount was paid from the budget provision of UIIP charging to Misc Work advance. An amount of Rs.50 Lakhs was recovered from the bills of LCB 1/1997-98 Agreement (Depletion sluice Gate of Benakhamar Bye pass tunnel) and Rs.150 Lakhs was recovered from the bills of LCB 2/1997-98 Agreement (Depletion Sluice Gate of Indravati Dam). The recovered amount of Rs.2.00 Crores is now kept in outstanding liabilities account of UIHEP, Khatiguda. The said amount was not refunded to DOWR as per letter No 7298 dated 20.06.1998 of Director (Finance) as all payments made by any authority prior to formation of OHPC have been accounted for in the transfer price of Rs.630 Crores which was treated as a loan by the Government of Odisha to OHPC.

197 b) Mobilisation Advance paid to M/s.BHEL amounting to Rs. 14,46,90,800/- against submission of Bank Guarantee towards Performance BG & Advance BG group is shown under Current assets .

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-46 Deposit with others

(i) An amount of Rs.104 Lakhs was deposited under protest with CTO, Koraput Circle-I, Jeypore and Rs. 54.03 Lakhs was deposited with CTO, Bhawanipatna by stores & Mechanical division, Khatiguda & Mukhiguda respectively during 1994-96. Rs. in Lakhs. Rs. in Lakhs 23.03.94 40.00 1994-95 40.00 28.03.94 30.00 1994-98 0.03 31.03.95 22.00 28.06.96 14.00 15.03.96 12.00 104.00 54.03 Out of Rs.1,04,00,000/-, a sum of Rs.5,20,986/- has been referred by CTO, Koraput (now Nabarangpur) through challan vide BRV No.1333 dtd.24.03.2012 after finalization of appeal. The sales Tax tribunal has directed the concerned CTOs for re-assessment of Sales Tax & the matter is dealt by E.E., Stores & mechanical Divn.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-47 (i) OHPC has lodged a insurance claim of Rs 36.05 crores with M/S United India Insurance Co Ltd on account of loss due to flood disaster on 28/29.7.91 at UIHEP, Mukhiguda. Against this claim OHPC has received an interim payment of Rs 5.00 crores in two spells i.e. Rs 3.50 crores in May 95 and Rs 1.50 crores in Feb 98 and shown as income in the respective years. The insurance company intimated OHPC on 21.9.2005 the final net settlement value of Rs 95.98 lacs which was not accepted by OHPC. OHPC invoked the arbitration clause, and referred the matter to arbitration. In the process of Arbitration the Hon'ble Arbitrators in the interim order dtd 26.07.2009 directed the Insurance Company to pay Rs 95.58 lacs. The said amount received from the Insurance Company has been shown as income in the year 2009-10. Now the Arbitral award is delivered on dated 13.06.2013 and directed to M/s. United India Insurance Company Ltd. to pay Rs.74023445/- within two months of the order dated. The arbitration award has been challenged by the petitioner M/s United India Insurance Co. Ltd. vide Arbitration petition No.325 of 2013 in the Court of the District Judge, Khurda. The last hearing was held on 24.07.2014. The matter is yet to be disposed off. (ii) An insurance claim for Rs. 21,07,404/- was lodged against 2 sets of SF6 breaker which were burst on 29.03.12 i.e. unit-III (Rs 14,87,004/-) and unit-IV (Rs 6,20,000/-) of Rengali H E project with National Insurance Company, Angul vide letter No. 4775 dt.16.05.12 of DGM (Ele), RHEP, Rengali against which Rs.2,20,929/ - has been received from the Insurance Company & accounted for vide BRV No.124 dt.28.08.2014

198 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-48-A It was decided in 105th Board of directors meeting held on 11th March, 2011 to make valuation of the Assets of Potteru Small Hydro Electric project after government approval for disposal of the project on “as-is-where- is basis” which is still pending for Cabinet approval.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-48-B Treatment of expenditure during construction period : Expenditure incurred towards consultancy fees paid to IFC for roof top solar were booked under pre-operative expenditure and the same was to be allocated to the appropriate capital head of accounts during FY 2013-14. However during current FY the GoO in Planning and Co-ordination department has reimbursed the expenditure. Hence previous year transaction against payment to IFC of Rs. 17,25,541/- has been reversed and charged to appropriate head of accounts.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-48-C The expenditure incurred from the date of incorporation has been booked to pre-operative expenses till the end of FY 2012-13. Pre-operative expenses will be capitalized under appropriate heads on commission of the project.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT-48-D Expenses incurred during the period under various accounts head has been claimed as expenses for the year, as considered no further economic benefits are attributable to the assets in pursuant to AS-26 "Intangible Assets" issued by ICAI.

NOTES ON CONSOLIDATED FINANCIAL STATEMENT- 49 Disclosure as per schedule III By way of additional information as per general instruction 2. The share of subsidiaries and joint venture in the consolidated net assets and consolidated profit and loss account is as follows. Name of Entity Net assets ( Total assets - Total Liability) Share in profit or loss (after tax) As % of consolidated Amount As % of consolidated Amount Net Asset ( In Crore) Profit and loss ( In Crore) Parent OHPC LTD 99.380 1017.92 99.300 15.59 Subsidiaries GEEDCOL 0.980 10.08 4.580 0.72 Joint venture ( As per proportionate consolidation) BWCCL (0.004) (0.04) (0.060) (0.01) OTPC (0.356) (3.66) (3.820) (0.60) Total 100 1024.30 100 15.70

199 NOTES ON CONSOLIDATED FINANCIAL STATEMENT-50 a) Previous year figures / opening balances have been regrouped or rearranged / re-casted wherever necessary. (b) Figures have been rounded off to the nearest rupee.

Significant Accounting Policy and Accompanying notes forming part of the financial statements. In terms of our report of even date attached. . For G R C & Associates Chartered Accountants

CA. P M Dash P K Pradhan P K Mohanty S K Sahu S C Mahapatra Partner DGM (F & A) Company Secretary Director (Finance Chairman-cum- M. No.-069682 & CFO) Managing Director (DIN-05297051) (DIN-00229586) Place : Bhubaneswar Date : 30.07.2015

200